Document:

exv10w8

Exhibit 10.8

MOLYCORP MINERALS, LLC

MANAGEMENT INCENTIVE COMPENSATION

PLAN

EFFECTIVE APRIL 1, 2009

ARTICLE I

Purpose and Adoption of Plan

     1.1 Adoption: Molycorp Minerals, LLC adopted and established the Molycorp Minerals,
LLC Management Incentive Compensation Plan effective April 1, 2009 (“Plan”). The Plan is
an unfunded top-hat deferred compensation arrangement. Benefits under the Plan shall be paid
solely from the general assets of the Company.

     1.2 Purpose: The Plan is designed to permit a select group of management or highly
compensated employees to defer a portion of their Compensation, and to defer any amounts credited
to their Accounts in the discretion of the Company, until a Change in Control of the Company, the
termination of the Plan, the occurrence of an Unforeseeable Emergency, or a Participant’s death,
disability or termination of employment.

ARTICLE II

Definitions

     For purposes of the Plan, the following terms shall have the following meanings unless a
different meaning is plainly required by the context:

     2.1 “Account” shall mean the account or accounts established and maintained by the Company in
its books and records to reflect the interest of a Participant in the Plan resulting from a
Participant’s deferred Compensation plus any discretionary amounts credited by the Company for the
benefit of the Participant and to record the adjustments thereto arising from hypothetical income,
gains, losses, and any other credits or charges. Each Account shall be maintained solely as a
bookkeeping entry by the Company to evidence an unfunded obligation of the Company.

     2.2 “Account List” shall mean the list referred to in Section 5.2.

     2.3 “Administrative Committee” shall have the meaning set forth in Section 7.1.

     2.4 “Arbitrable Dispute” shall have the meaning set forth in Section 7.6(f).

     2.5 “Basic Compensation” shall mean the monthly rate of an Employee’s base wages or salary
paid by the Company to an Employee, including amounts contributed as salary deferral contributions
to the Retirement Plan and any amounts contributed by the Employee on a before tax basis to any
other qualified or nonqualified deferred compensation plan sponsored by the Company, but excluding
employee reimbursements.

     2.6 “Beneficiary” shall mean any person, estate, trust, or organization entitled to receive
any payment under the Plan upon the death of a Participant pursuant to Section 6.3.

 

 

     2.7 “Board of Directors” shall mean the Board of Directors of the Company.

     2.8 “Change in Control” shall mean:

          (a) The first to occur of any of the following events:

          (i) Change in Ownership. There is a change in ownership if any one person, or
more than one person acting as a group (as defined in Subsection 2.8(b)(i)), acquires
ownership of Shares that, together with Shares held by such person or group, constitute more
than fifty percent (50%) of the total fair market value or Shares of the Company. However,
if any one person or more than one person acting as a group is considered to own more than
fifty percent (50%) of the total fair market value or Shares of the Company, the acquisition
of additional Shares by the same person or persons shall not be considered to cause a change
in the ownership of the Company (or to cause a change in the effective control of the
Company, within the meaning of Subsection 2.8(a)(ii)). An increase in the percentage of
Shares owned by any one person, or persons acting as a group, as a result of a transaction
in which the Company acquires its Shares in exchange for property will be treated as an
acquisition of Shares for this purpose. However, there is no Change in Ownership under this
Subsection 2.8(a)(i) when there is a transfer of Shares to an entity that is controlled by
the shareholders of the transferring company.

          (ii) Change in Effective Control. There is no change in effective control in
the event of an initial public offering of the Company or within the eighteen (18) month
period immediately following an initial public offering. Otherwise, there is a change in
effective control if either (A) any one person, or more than one person acting as a group
(as determined under Subsection 2.8(b)(i)), acquires (or has acquired during the twelve (12)
month period ending on the date of the most recent acquisition by such person or persons)
ownership of thirty percent (30%) or more of the Shares of the Company, or (B) a majority of
the members of the Board of Directors is replaced during any twelve (12) month period by
directors whose appointment or election is not endorsed by a majority of the members of the
Board of Directors prior to the date of the appointment or election.

          (iii) Change in Ownership of a Substantial Portion of Assets. There is a
change in ownership of a substantial portion of assets if any one person, or more than one
person acting as a group (as determined in Subsection 2.8(b)(i)), acquires (or has acquired
during the twelve (12) month period ending on the date of the most recent acquisition by
such person or persons) assets from the Company that have a total gross fair market value
equal to or more than forty percent (40%) of the total gross fair market value of all of the
assets of the Company immediately prior to such acquisition or acquisitions. For this
purpose, gross fair market value means the value of the assets of the Company, or the value
of the assets being disposed of, determined without regard to any liabilities associated
with such assets. However, there is no Change in Control under this Subsection 2.8(a)(iii)
when there is a transfer to an entity that is controlled by the shareholders of the
transferring company.

2

 

          (b) For purposes of the above events, the following rules shall apply:

          (i) Persons Acting as a Group. Persons shall not be considered to be acting as
a group solely because they purchase or own Shares, or purchase assets, of the Company at
the same time, or as a result of the same public offering. However, persons shall be
considered to be acting as a group if they are the owners of a company that enters into a
merger, consolidation, purchase or acquisition of stock or assets, or similar business
transaction with the Company. If a person, including an entity, owns stock in such a
company and in the Company at a time that both of the companies enter into a merger,
consolidation, purchase or acquisition of stock or assets, or similar transaction, such
shareholder is considered to be acting as a group with other shareholders in a company only
with respect to, and to the extent of, the ownership in that company prior to the
transaction giving rise to the change and not with respect to the ownership interest in the
other company.

          (ii) Attribution. The attribution rules of Section 318(a) of the Code shall
apply to determine Share ownership. Shares underlying a vested option are considered owned
by the individual who holds the vested option (and the Shares underlying an unvested option
shall not be considered owned by the individual who holds the unvested option). For
purposes of the preceding sentence, however, if a vested option is exercisable for Shares
that is not substantially vested (as defined in Sections 1.83-3(b) and (j) of the Treasury
Regulations), the Shares underlying the option are not treated as owned by the individual
who holds the option.

     2.9 “Claimant” shall have the meaning set forth in Section 7.6(a).

     2.10 “Code” shall mean the Internal Revenue Code of 1986, as amended, including any successor
statute.

     2.11 “Company” shall mean Molycorp Minerals, LLC or any company to which the members of
Molycorp Minerals, LLC transfer all of their membership interests in Molycorp Minerals, LLC.

     2.12 “Compensation” shall mean an Employee’s Basic Compensation and Incentive Compensation.

     2.13 “Deferral Election” shall mean the Participant’s written election to defer a portion of
his Compensation pursuant to Section 4.3.

     2.14 “Deferrals” shall mean the portion of the Participant’s Account inclusive of any
discretionary Company contributions (plus the deemed investment earnings and losses attributable to
such amounts) made pursuant to Article IV.

     2.15 “Disability” shall mean when a Participant:

          (a) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months; or

3

 

          (b) is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3)
months under an accident and health plan covering Employees.

     2.16 “Effective Date” shall mean April 1, 2009.

     2.17 “Employee” shall mean any person who is currently employed by the Company.

     2.18 “Enrollment Date” shall mean the Participation Date, January 1 of each Plan Year and such
other dates as may be determined from time to time by the Administrative Committee.

     2.19
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

     2.20 “Good Reason” shall mean Separation from Service within the one hundred twenty (120) day
period immediately following the initial existence of one or more of the following conditions
without the Employee’s consent:

          (a) A material diminution in the Employee’s Basic Compensation.

          (b) A material diminution in the Employee’s authority, duties, or responsibilities.

          (c) A material diminution in the authority, duties, or responsibilities of the supervisor to
whom the Employee is required to report, including a requirement that an Employee report to a
Company officer or Employee instead of reporting directly to the Board of Directors.

          (d) A material diminution in the budget over which the Employee retains authority.

          (e) A relocation of the principal geographic location where the Employee performs service to a
location that is at least seventy-five (75) miles away from the principal geographic location where
the Employee performed services immediately prior to such change.

          (f) Any other action or inaction that constitutes a material breach by the Company of its
employment agreement, if any, with the Employee.

To qualify as a Separation from Service for Good Reason, the Employee must provide the Company with
notice of the existence of one of the conditions described above within ninety (90) days of initial
existence of the condition, and the Company must have the opportunity to cure such condition within
thirty (30) days of the date it receives notice from the Employee.

     2.21 “Hypothetical Investments” shall have the meaning set forth in Section 5.2.

     2.22 “Incentive Compensation” shall mean bonuses, commissions, and other forms of
extraordinary compensation that are supplemental to Basic Compensation and are dependent

4

 

upon the Employee’s exceeding individual or corporate performance goals or upon other
work-related achievements and performance.

     2.23 “Participant” shall mean an Employee or former Employee of the Company who is eligible to
receive benefits under the Plan.

     2.24 “Participation Date” shall mean the first day of the first payroll period the
Administrative Committee shall permit a Participant to defer Compensation under the Plan but in no
event later than thirty (30) days following the date the Employee is notified by the Administrative
Committee, or its designee, that the Employee is eligible to participate in the Plan.

     2.25 “Plan” shall mean the Molycorp Minerals, LLC Management Incentive Compensation Plan, as
amended from time to time.

     2.26 “Plan Administrator” shall have the meaning set forth in Section 7.1.

     2.27 “Plan Year” shall mean the twelve (12) month period commencing January 1st and ending on
December 31st next following, except that the first Plan Year shall be the Effective Date through
December 31, 2009.

     2.28 “Retirement Plan” shall mean the Molycorp Minerals, LLC 401(K) Plan.

     2.29 “Separation from Service” shall mean a Participant’s separation from service as an
Employee with the Company under Section 409A of the Code including the Treasury Regulations and
other guidance issued thereunder other than for death or disability. A transfer of employment
within or among any entities in the same controlled group as the Company (as determined under
Section 414(b) or (c) of the Code), as provided in Code Section 409A(d)(6) shall not constitute a
Separation from Service.

     2.30 “Shares” shall mean the shares of interest in the voting power of the Company.

     2.31 “Specified Employee” shall mean, for purposes of this Plan and in accordance with Section
409A of the Code, a key employee as defined in Section 416(i) of the Code, without regard to
paragraph (5) thereof.

     2.32 “Trust” shall have the meaning set forth in Section 5.1.

     2.33 “Relevant” shall have the meaning set forth in Section 7.6(c)(i).

     2.34 “Unforeseeable Emergency” shall mean (a) a severe financial hardship to the Participant
resulting from an illness or accident of the Participant or the Participant’s spouse, Beneficiary
or dependent (as defined in Code Section 152(a)), (b) loss of the Participant’s property due to
casualty, or (c) other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant, each as determined to exist by the Administrative
Committee, in its sole and absolute discretion as defined by Section 409A of the Code and the
Treasury Regulations and other guidance thereunder.

5

 

ARTICLE III

Eligibility

     3.1 Eligibility Requirements. Any member of a select group of management and highly
compensated employees, as designated by the Board of Directors in its sole and absolute discretion,
shall become a Participant on the Enrollment Date coincident with or next following his or her
selection by the Board of Directors.

     3.2 Ineligible Participant. If the Administrative Committee determines that a
Participant is no longer eligible to participate in the Plan, the Participant’s Deferral Election
shall terminate and he shall make no more contributions under the Plan until it is again determined
that he is eligible to participate. The Account of such a Participant shall continue to be
adjusted by the provisions of Article V until the Account is distributed under Article VI.

ARTICLE IV

Deferral Elections and Employer Contributions

     4.1 Opportunity to Defer. A Participant may elect to defer payment of a portion of
the Compensation otherwise payable to him during each payroll period after his Participation Date
for services to be rendered after his Participation Date by any dollar amount or whole percentage
of his Basic Compensation and/or Incentive Compensation, such amount to be credited to his Account
under the Plan.

     4.2 Account. An Account shall be established for each Participant by the Company as
of the effective date of such Participant’s initial Deferral Election.

     4.3 Deferral Election.

          (a) Timing. The initial Deferral Election of a new Participant shall be made by
written notice signed by the Participant and delivered to the Company not later than thirty (30)
days after the Employee first becomes eligible to participate in the Plan; provided, however, such
initial Deferral Election shall not apply to Compensation earned prior to the date such election
form is filed with the Company. Any subsequent Deferral Elections shall be made by written notice
signed by the Participant and delivered to the Company not later than the last day of the month
prior to the next succeeding Plan Year and shall be effective on the first day of such succeeding
Plan Year with respect to Compensation to be earned in such subsequent Plan Year. A Deferral
Election with respect to the deferral of future Compensation shall be an irrevocable election for
each Plan Year unless otherwise modified or revoked during the Plan Year as provided in Section 4.4
herein. The termination of participation in the Plan shall not affect amounts (and the deemed
investment earnings and losses thereon) previously deferred by a Participant under the Plan.

          (b) Content.

          (i) The Deferral Election shall be made in writing on a form prescribed by the Company
and said Deferral Election shall state:

6

 

               (A) That the Participant wishes to make an election to defer the receipt of a portion
of his Basic Compensation and/or Incentive Compensation; and

               (B) The whole percentage or dollar amount of such Basic Compensation and/or Incentive
Compensation to be deferred.

          (ii) The Deferral Election shall also include the Participant’s election regarding the
form of payment to be received upon his death or termination from employment, such form to
be either (a) a lump sum, or (b) monthly, quarterly, or annual installments over a period
not to exceed fifteen (15) years. The Deferral Election with respect to the form of payment
shall govern the distribution of such Participant’s Account, except as provided in Section
4.5. If a Participant fails to specify a form of payment, his Account shall be distributed
in a lump sum.

     4.4 Suspension of Deferral Election. Notwithstanding the provisions of Section 4.3 of
the Plan, the Administrative Committee, in its sole discretion upon written application by a
Participant, may authorize the suspension of a Participant’s Deferral Election in the event of an
Unforeseeable Emergency. Any suspension authorized by the Administrative Committee shall become
effective as soon as practicable after the Administrative Committee’s receipt of a suspension
application, but no later than the first payroll period beginning thirty (30) days after the
receipt of such suspension application. Such suspension shall be effective for the remainder of
the Plan Year and shall be deemed an annual election for each succeeding Plan Year unless a
subsequent Deferral Election is filed with the Company pursuant to Section 4.3.

     4.5 Change in Form of Distribution. With the approval of the Administrative
Committee, a Participant may amend a prior Deferral Election on a form provided by the
Administrative Committee in order to change the form of the distribution of his Account. A change
in the form of payment shall be given effect by the Administrative Committee only if the election
to change the form of payment is made at least twelve (12) months prior to the date a lump sum is
scheduled to be paid or, in the case of installment payments, twelve (12) months prior to the date
the fast payment is scheduled to be paid.

     4.6 Discretionary Company Contributions. The Company may credit, from time to time,
as a discretionary Company contribution to the Account of a Participant such amount, if any, as the
Board of Directors shall determine. Such contributions may vary by individual Participant or by
group as determined by the Board of Directors in its sole discretion. The amount of the
discretionary Company contribution, if any, shall be credited to the Account of a Participant and
shall be communicated to each such Participant as soon as reasonably practicable following the
approval of such discretionary Company contribution by the Board of Directors or Administrative
Committee. A Participant shall always be fully vested in any discretionary contribution credited
to his Account pursuant to this Section 4.6.

ARTICLE V

Investment of Accounts

     5.1 Rabbi Trust. A rabbi trust (the “Trust”) will be established in
connection with the Plan. The Company will transfer Participant deferred Compensation plus any
discretionary

7

 

amounts credited by the Company for the benefit of Participants to the Trust. The Trust will
be irrevocable and will terminate on the earlier to occur of (i) all funds having been distributed
from the Trust, or (ii) the date all obligations under the Plan have been satisfied. The Trust
will provide that the assets of the Trust will be distributed only to or for the benefit of the
Participants or their beneficiaries unless the insolvency provisions of the Trust apply, in which
case, the Participants will become general creditors of the Company. The Company will be
authorized to distribute part or all of a Participant’s deferred compensation in marketable
securities, to be selected by the Administrative Committee, rather than in cash. The Company will
appoint an independent trustee for the Trust and will enter into a trust agreement, in form and
substance acceptable to the Company, with the Trustee. The Administrative Committee shall select
the initial independent trustee.

     5.2 Hypothetical Investments. Any amounts of cash or readily tradeable securities
credited to a Participant Account shall be deemed to be invested in one or more hypothetical
investments (“Hypothetical Investments”). Each Participant shall select Hypothetical
Investments from a list of investments selected from time to time by the Administrative Committee
(“Account List”), and subject to any limitation on permissible allocations among groups of
Hypothetical Investments that the Administrative Committee may establish. The Administrative
Committee may change or discontinue any Hypothetical Investment if reasonably necessary to satisfy
business objectives of the Company; provided that, following a Change in Control, the
Administrative Committee may not change or modify the investment options existing immediately prior
to such Change in Control in any manner that is adverse to the Participants. In any case, the
Trust may (but will not be required to) make actual investments that mirror a Participant’s
Hypothetical Investments.

          (a) Investment of Participant Accounts. The amounts of hypothetical income,
appreciation and depreciation in value of the Hypothetical Investments shall be credited and
debited to, or otherwise reflected in, such Account from time to time in accordance with procedures
established by the Administrative Committee. Unless otherwise determined by the Administrative
Committee, amounts credited to a Participant Account shall be deemed invested in Hypothetical
Investments as of the date so credited. Each Participant shall assume the investment risk of the
Hypothetical Investments.

          (b) Allocation and Reallocation of Hypothetical Investments. A Participant may
allocate and reallocate amounts credited to the Participant’s Account to one or more of the
Hypothetical Investments authorized under the Plan with such frequency as and subject to such
procedures and rules as determined by the Administrative Committee. The Administrative Committee
may restrict or prohibit reallocation of amounts deemed invested in specified Hypothetical
Investments to comply with applicable law or regulation.

          (c) No Actual Investment. Notwithstanding any other provision of this Plan that may
be interpreted to the contrary, the Hypothetical Investments are to be used for measurement
purposes only. A Participant’s election of any such Hypothetical Investments, the allocation of
such Hypothetical Investments to his or her Account, the calculation of additional amounts and the
crediting or debiting of such amounts to a Participant’s Account shall not be considered or
construed in any manner as an actual investment of his or her Account in any such Hypothetical
Investments. In the event that the Administrative Committee, in its discretion,

8

 

decides to cause the Trustee to invest funds in any or all of the Hypothetical Investments, no
Participant shall have any rights in or to such investments themselves. Without limiting the
foregoing, a Participant’s Account shall at all times be a bookkeeping entry only and shall not
represent any investment made on his or her behalf by the Company or the Trust. The Participant
shall at all times remain an unsecured creditor of the Company.

     5.3 Participant Reports. At the end of each Plan Year (or on amore frequent basis as
determined by the Administrative Committee), a report shall be issued to each Participant who has
an Account and said report will set forth the value in such Account.

ARTICLE VI

Distribution of Accounts

     6.1 Distribution Upon Separation From Service.

          (a) Generally. When a Participant experiences a Separation from Service with the
Company, said Participant shall be entitled to receive the balance of his Account in cash in a lump
sum or in equal monthly, quarterly or annual installments not to exceed a fifteen (15) year period
as specified on the Participant’s Deferral Election form. In the event the value of any
Participant’s Account at the time distribution is to commence is Ten Thousand Dollars ($10,000) or
less, the Account shall be distributed in cash in a lump sum notwithstanding a Participant’s
election to have his Account distributed in installments under the Plan. All payments due under
this Section 6.1 shall be made or shall commence as soon as reasonably feasible following a
Participant’s termination of employment. The Account shall be valued on the date a distribution is
processed. The transfer by a Participant between entities in the same controlled group as the
Company (as determined under Section 414(b) or (c) of the Code) shall not be deemed to be a
termination of employment with the Company for purposes of this Plan.

          (b) Distributions to Specified Employees. Notwithstanding the foregoing, in the event
that the Company is publicly traded as of the date of any distribution under the Plan,
distributions to a Specified Employee as a result of Separation from Service (unless such
Separation from Service is involuntary or for Good Reason, as determined by the Administrative
Committee in accordance with Section 409A of the Code), whether the distribution is made in the
form of a lump sum or installments, shall not be made or the payments may not begin before the date
which is six (6) months following the date of the Separation from Service, or, if earlier, the date
of death of the Specified Employee. If a Separation from Service is involuntary or for Good
Reason, the distribution of a Specified Employee’s Account shall not be postponed for six (6)
months following the date of Separation from Service, provided that either (a) the distribution of
the Specified Employee’s account constitutes separation pay, as defined under Section
1.409A-1(b)(9) of the Treasury Regulations, that is the subject of a bona fide, arm’s-length
negotiation; (b) the Specified Employee’s account is distributed in a lump sum that does not exceed
the lesser of (i) two (2) times the Specified Employee’s annual compensation or (ii) two (2) times
the annual compensation limit under Section 401(a)(17) of the Code; or (c) the Specified Employee’s
Account is distributed in a lump sum no later than two and one-half (2 1/2) months after the end of
the Plan Year in which his employment was involuntarily terminated.

9

 

     6.2 Distribution Upon Death. Upon the death of a Participant prior to the payment of
his Account, the balance of his Account shall be paid to the Participant’s Beneficiary in lump sum
or in equal monthly, quarterly or annual installments not to exceed a fifteen (15) year period as
specified on the Participant’s Deferral Election form with such payment to be made or payments to
commence in the case of installment distributions within sixty (60) days following the close of the
calendar quarter in which the Administrative Committee is provided evidence of the Participant’s
death (or as soon as reasonably practicable thereafter); provided, however, if the value of the
Account at the time an installment distribution is to commence is Ten Thousand Dollars ($10,000) or
less, the Account shall be distributed to the Participant’s Beneficiary in a lump sum. The Account
shall be valued on the date a distribution is processed. If a Participant who has elected to have
his Account distributed in installments under the terms of the Plan dies subsequent to the
commencement of such installment payments but prior to the completion of such payments, the
installments shall continue and shall be paid to the Beneficiary as if the Participant had not
died.

     6.3 Beneficiary Designation. A Participant should designate a Beneficiary or
Beneficiaries, and a contingent Beneficiary or Beneficiaries, to receive the undistributed portion
of his or her Account if he or she dies before distribution is completed. In the event a
Beneficiary designation is not on file or all designated Beneficiaries are deceased or cannot be
located, payment will be made to the Participant’s estate. The Beneficiary designation may be
changed by the Participant or former Participant at any time without the consent of the prior
Beneficiary.

     6.4 Distribution Upon Disability. A Participant may request a distribution due to his
Disability by submitting a written request to the Administrative Committee accompanied by evidence
to demonstrate that the Participant is Disabled. The Administrative Committee shall have the
authority to require such evidence as it deems necessary to determine if a distribution is
warranted. If an application for a Disability distribution is approved, the distribution shall be
payable in the form determined by the Administrative Committee as soon as possible after approval
of such distribution.

     6.5 Distribution Upon an Unforeseeable Emergency. A Participant may request a
distribution due to an Unforeseeable Emergency by submitting a written request to the
Administrative Committee accompanied by evidence to demonstrate that the circumstances being
experienced qualify as an Unforeseeable Emergency. The Administrative Committee shall have the
authority to require such evidence as it deems necessary to determine if a distribution is
warranted. If an application for a distribution due to an Unforeseeable Emergency is approved, the
distribution is limited to an amount sufficient to meet the need resulting from the Unforeseeable
Emergency. The allowed distribution shall be payable in the form determined by the Administrative
Committee as soon as possible after approval of such distribution.

     6.6 Distribution Pursuant to a Court Order. The Administrative Committee is
authorized to make any payments directed by court order in any action in which the Plan or the
Administrative Committee has been named as a party. In addition, if a court determines that a
spouse or former spouse of a Participant has an interest in the Participant’s benefits under the
Plan in connection with a property settlement or otherwise, the Administrative Committee, in its
sole discretion, shall have the right, notwithstanding any election made by a Participant, to

10

 

immediately distribute the spouse’s or former spouse’s interest in the Participant’s benefits
under the Plan to that spouse or former spouse.

     6.7 Distribution Upon Change in Control. Upon a Change in Control of the Company, a
Participant shall be paid the balance of his Account in a lump sum within sixty (60) days following
the close of the calendar quarter in which the Change in Control occurs.

     6.8 Distribution in the Event of Taxation.

          (a) If, for any reason, it has been determined that the Plan fails to meet the requirements of
Section 409A of the Code and the Treasury Regulations promulgated thereunder, and the failure is
not or cannot be corrected under an Internal Revenue Service correction program for such failure,
the Administrative Committee shall distribute to the Participant in readily tradeable securities
and/or cash the portion of the Participant’s Account that is required to be included in income as a
result of the failure of the Plan to comply with the requirements of Section 409A of the Code and
the Treasury Regulations promulgated thereunder.

          (b) If, for any reason, it is determined that state, local or foreign tax obligations or FICA,
Medicare or income tax at source on wages imposed under Section 3401 of the Code, arise with
respect to an amount deferred under the Plan before the amount is otherwise payable or made
available to the Participant, the Administrative Committee may distribute an amount to the
Participant (in readily tradeable securities and/or cash, and either in the form of withholding
pursuant to provisions of applicable law or by distributions directly to the Participant) to
reflect such tax obligation, provided the amount so distributed may not exceed the amount of such
taxes due as a result of the Plan.

     6.9 Distribution Upon Termination of the Plan. Upon the termination of the Plan
pursuant to Section 8.3, a Participant shall be paid the balance of his Account in a lump sum
within sixty (60) days following the Plan termination date.

     6.10 Distribution Events. Notwithstanding any provision of this Plan to the contrary,
Deferrals may not be distributed prior to the first to occur of: (a) a Participant’s Separation
from Service, (b) a Participant’s death, (c) a Participant’s Disability, (d) an Unforeseeable
Emergency, (e) the receipt of a court order requiring distribution, (f) a Change in Control, (g)
income inclusion due to failure to comply with Section 409A of the Code or (h) a Plan termination.

ARTICLE VII

Administration of Plan

     7.1 Authorization of Administrative Committee or Plan Administrator. The Board of
Directors shall appoint an Administrative Committee to administer the Plan or, if no Administrative
Committee is appointed by the Board of Directors, the Board of Directors shall administer the Plan.
The Administrative Committee or, if none, the Board of Directors may select one or more persons to
serve as the Plan Administrator. The Plan Administrator shall have authority to perform any act
that the Administrative Committee or, if none, the Board of Directors may perform under the Plan,
except to the extent (if any) that the Administrative Committee or, if none, the Board of Directors
specifies limitations on the Plan Administrator’s

11

 

authority. Any person selected to serve as the Plan Administrator may, but need not be, a
employee or officer of the Company or a member of the Administrative Committee. However, if a
Participant is serving as the Plan Administrator, such person may not decide or vote on a matter
affecting his or her interest as a Participant. The Plan Administrator may resign or be removed by
the Administrative Committee or, if none, the Board of Directors, and a new Plan Administrator may
be appointed by the Administrative Committee or, if none, the Board of Directors. Any
determination or action of the Plan Administrator may be made or taken by a majority of the members
present at any meeting thereof, or without a meeting by resolution or written memorandum concurred
in by a majority of the members.

     7.2 No Compensation. No member of the Administrative Committee or Board of Directors
or, if appointed, Plan Administrator shall receive any compensation from the Plan for his or her
service.

     7.3 Powers of the Administrative Committee or Board of Directors. The Administrative
Committee or, if none, the Board of Directors shall administer the Plan in accordance with its
terms and shall have all powers necessary to carry out the provisions of the Plan more particularly
set forth herein, it shall have full discretion to interpret the Plan and determine all questions
arising in the administration, interpretation and application of the Plan. Any such determination
by it shall be conclusive and binding on all persons. It may adopt such regulations as it deems
desirable for the conduct of its affairs. It may appoint such accountants, counsel, actuaries,
specialists and other persons as it deems necessary or desirable in connection with the
administration of this Plan, and shall be the agent for the service of process.

     7.4 Expense Reimbursement. The Administrative Committee or, if none, the Board of
Directors shall be reimbursed by the Company for all reasonable expenses incurred by it in the
fulfillment of its duties. Such expenses shall include any expenses incident to its functioning,
including, but not limited to, fees of accountants, counsel, actuaries, other specialists and other
costs of administering the Plan.

     7.5 General Duties of the Administrative Committee or Board of Directors.

          (a) The Administrative Committee or, if none, the Board of Directors is responsible for the
daily administration of the Plan. It may appoint other persons or entities to perform any of its
fiduciary functions. The Administrative Committee or, if none, the Board of Directors and any such
appointee may employ advisors and other persons necessary or convenient to help it carry out its
duties, including its fiduciary duties. The Administrative Committee or, if none, the Board of
Directors shall review the work and performance of each such appointee, and shall have the right to
remove any such appointee from his position. Any person, group of persons or entity may serve in
more than one fiduciary capacity.

          (b) The Administrative Committee or, if none, the Board of Directors shall maintain accurate
and detailed records and accounts of Participants and of their rights under the Plan and of all
receipts, disbursements, transfers and other transactions concerning the Plan. Such accounts,
books and records relating thereto shall be open at all reasonable times to inspection and audit by
the Board of Directors and by persons designated thereby.

12

 

          (c) The Administrative Committee or, if none, the Board of Directors shall take all steps
necessary to ensure that the Plan complies with the law at all times. These steps shall include
such items as the preparation and filing of all documents and forms required by any governmental
agency; maintaining adequate Participant records; recording and transmitting all notices required
to be given to Participants and their Beneficiaries; receiving and disseminating, if required,
reports and information from the Company; and doing such other acts necessary for the proper
administration of the Plan. The Administrative Committee or, if none, the Board of Directors shall
keep a record of all of its proceedings and acts, and shall keep all such books of account, records
and other data as may be necessary for proper administration of the Plan. The Administrative
Committee or, if none, the Board of Directors shall notify the Company upon its request of any
action taken by it, and when required, shall notify any other interested person or persons.

     7.6 Claims Procedures. The procedures for filing claims for payments under the Plan
are described below:

          (a) Presentation of Claim. It is the intent of the Company to make payments under the
Plan without the Participant having to complete or submit any claim forms. However, any
Participant or Beneficiary who believes he or she is entitled to a payment under the Plan may
submit a claim for payment to the Administrative Committee. Any claim for payments under the Plan
must be made by the Participant or his Beneficiary in writing and state the Claimant’s name and
nature of benefits payable under the Plan. The Claimant’s claim shall be deemed to be filed when
delivered to the Administrative Committee which shall make all determinations as to the right of
any person(s) to benefits hereunder. Claims for benefits under this Plan shall be made by the
Participant, his or her Beneficiary or a duly authorized representative thereof
(“Claimant”). If such a claim relates to the contents of a notice received by the
Claimant, the claim must be made within sixty (60) days after such notice was received by the
Claimant. All other claims must be made within one hundred eighty (180) days of the date on which
the event that caused the claim to arise occurred. The claim must state with particularity the
benefit or other determination desired by the Claimant. The claim must be accompanied with
sufficient supporting documentation for the benefit or other determination requested by the
Claimant.

          (b) Notification of Decision.

          (i) Claim for benefits other than upon Disability. If the claim is wholly or
partially denied, the Administrative Committee shall provide written or electronic notice
thereof to the Claimant within a reasonable period of time, but not later than ninety (90)
days after receipt of the claim. An extension of time for processing the claim for benefits
is allowable if special circumstances require an extension, but such an extension shall not
extend beyond one hundred eighty (180) days from the date the claim for benefits is received
by the Administrative Committee. Written notice of any extension of time shall be delivered
or mailed to the Claimant within ninety (90) days after receipt of the claim and shall
include an explanation of the special circumstances requiring the extension and the date by
which the Administrative Committee expects to render the final decision.

13

 

          (ii) Claim for benefits upon Disability. If the claim is wholly or partially
denied, the Administrative Committee shall provide written or electronic notice thereof to
the Claimant within a reasonable period of time, but not later than forty-five (45) days
after receipt of the claim. An initial extension of time for processing the claim for
benefits is allowable if necessary due to circumstances beyond the Administrative
Committee’s control, but such an initial extension shall not extend beyond thirty (30) days
from the date the claim for benefits is received by the Administrative Committee. Written
notice of the initial extension of time shall be delivered or mailed to the Claimant within
forty-five (45) days after receipt of the claim and shall include an explanation of the
circumstances requiring the extension, the date by which the Administrative Committee
expects to render the final decision, the standards on which entitlement to a benefit is
based, unresolved issues that prevent a decision and any additional information needed to
resolve these issues. If prior to the end of the initial extension, the Administrative
Committee determines that, due to matters beyond its control, a decision cannot be rendered
within the first thirty (30) day extension period, the period for making the determination
may be extended for up to an additional thirty (30) days. Written notice of the additional
extension of time shall be delivered or mailed to the Claimant within the initial extension
period and shall include an explanation of the circumstances requiring the extension, the
date by which the Administrative Committee expects to render the final decision, the
standards on which entitlement to a benefit is based, unresolved issues that prevent a
decision and any additional information needed to resolve these issues. The Claimant shall
have forty-five (45) days to provide such additional information.

          (iii) Required content of the Notice of Adverse Benefit Determination.

               (A) In general. The notice of adverse benefit determination shall:

                    (1) specify the reason or reasons the claim was denied;

                    (2) reference the pertinent Plan provisions upon which the decision was based;

                    (3) describe any additional material or information necessary for the Claimant to
perfect the claim, and an explanation of why such material or information is necessary;

                    (4) indicate the steps to be taken by the Claimant if a review of the denial is
desired, including the time limits applicable thereto; and

                    (5) contain a statement of the Claimant’s right to bring a civil action under ERISA in
the event of an adverse determination on review.

If notice of the adverse benefit determination is not furnished in accordance with the
preceding provisions of this Section, the claim shall be deemed accepted and payment shall
be made to the Claimant in accordance with the claim.

14

 

               (B) Claim for disability benefits. The notice of adverse benefit determination shall,
in addition to the information specified in (A) above, disclose any internal rule,
guidelines, protocol or similar criterion relied on in making the adverse determination or a
statement that such information will be provided free of charge upon request.

          (c) Review of a Denied Claim.

               (i) Claim for benefits other than upon disability. If a claim is denied and a
review is desired, the Claimant shall notify the Administrative Committee in writing within
sixty (60) days after receipt of written notice of a denial of a claim. In requesting a
review, the Claimant may submit any written comments, documents, records, and other
information relating to the claim, the Claimant feels are appropriate. The Claimant shall,
upon request and free of charge, be provided reasonable access to, and copies of, all
documents, records and other information that, with respect to the Claimant’s claim for
benefits (A) was relied upon in making the benefit determination, (B) was submitted,
considered, or generated in the course of making the benefit determination, whether or not
actually relied upon in making the determination; or (C) demonstrates compliance with the
administrative processes and safeguards of this claims procedure (sometimes referred to for
purposes of this Section 7.6 as “Relevant”). The Administrative Committee shall
review the claim taking into account all comments, documents, records and other information
submitted by the Claimant, without regard to whether such information was submitted or
considered in the initial benefit determination.

               (ii) Claim for benefits upon disability. The review procedures in Section
7.6(c)(i) above shall apply, except the Claimant shall notify the Administrative Committee
in writing within one hundred eighty (180) days after receipt of written notice of a denial
of a claim, and no deference shall be given to the initial benefit determination. The
review shall be conducted by a different individual than the person who made the initial
benefit determination or a subordinate of that person. The following procedures will apply
to the review of an adverse benefit determination:

                    (A) In the case of a claim denied on the grounds of a medical judgment, the
Administrative Committee will consult with a health professional with appropriate training
and experience. The health care professional who is consulted on review will not be the
same individual who was consulted, if any, regarding the initial benefit determination or a
subordinate of that individual.

                    (B) A Claimant shall, on request and free of charge, be given reasonable access to, and
copies of, all documents, records, and other information Relevant to the Claimant’s claim
for benefits. If the advice of a medical or vocational expert was obtained in connection
with the initial benefit determination, the names of each such expert shall be provided on
request by the Claimant, regardless of whether the advice was relied on by the
Administrative Committee.

15

 

          (d) Decision on Review.

               (i) Claim for benefits other than upon disability. The Administrative
Committee shall provide the Claimant with written notice of its decision on review within a
reasonable period of time, but not later than sixty (60) days after receipt of a request for
a review. An extension of time for making the decision on the request for review is
allowable if special circumstances shall occur, but such an extension shall not extend
beyond one hundred twenty (120) days from the date the request for review is received by the
Administrative Committee, Written notice of the extension of time shall be delivered or
mailed to the Claimant within sixty (60) days after receipt of the request for review,
indicating the special circumstances requiring an extension and the date by which the
Administrative Committee expects to render a determination.

               (ii) Claim for benefits upon disability. The Administrative Committee shall
provide the Claimant with written notice of its decision on review within a reasonable
period of time, but not later than forty-five (45) days after receipt of a request for a
review. An extension of time for making the decision on the request for review is allowable
if special circumstances shall occur, but such an extension shall not extend beyond ninety
(90) days from the date the request for review is received by the Administrative Committee.
Written notice of the extension of time shall be delivered or mailed to the Claimant within
forty-five (45) days after receipt of the request for review, indicating the special
circumstances requiring an extension and the date by which the Administrative Committee
expects to render a determination.

               (iii) Required content of the Notice of Adverse Benefit Determination.

                    (A) In general. In the event of an adverse benefit determination on review, the notice
thereof shall (1) specify the reason or reasons for the adverse determination; (2) reference
the specific provisions of this Plan on which the benefit determination is based; (3)
contain a statement that the Claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of all records and other information Relevant to
the Claimant’s claim for benefits; (4) a statement describing any voluntary appeal
procedures offered by the Plan, including the arbitration procedures in Section 7.6(f); and
(5) inform the Claimant of the right to bring a civil action under the provisions of ERISA.
If notice of the adverse benefit determination is not furnished in accordance with the
preceding provisions of this Section, the claim shall be deemed accepted and payment shall
be made to the Claimant in accordance with the claim.

                    (B) Claim for disability benefits. The notice of adverse benefit determination shall,
in addition to the information specified in (A) above, (1) disclose any internal rule,
guidelines, protocol or similar criterion relied on in making the adverse determination or a
statement that such information will be provided free of charge upon request, and (2)
include the following statement: “You and your Plan may have other voluntary alternative
dispute resolution options, such as mediation. One way to find out what may be available is
to contact your local U.S. Department of Labor Office and your State insurance regulatory
agency.”

16

 

          (e) Preservation of Remedies. After exhaustion of the claims procedure as provided
herein, nothing shall prevent the Claimant from pursuing any other legal or equitable remedy
otherwise available, including the right to bring a civil action under Section 502(a) of ERISA, if
applicable.

          (f) Elective Arbitration. If a Claimant’s claim described in Section 7.6(a) is denied
pursuant to Sections 7.6(b) and 7.6(d) (an “Arbitrable Dispute”), the Claimant may, in lieu
of the Claimant’s right to bring a civil action under Section 502(a) of ERISA, and as the
Claimant’s only further recourse, submit the claim to final and binding arbitration in the city of
Denver, State of Colorado, before an experienced employment arbitrator selected in accordance with
the Employment Dispute Resolution Rules of the American Arbitration Association. Except as
otherwise provided in this Section 7.6(f) or Section 7.6(h), each party shall pay the fees of their
respective attorneys, the expenses of their witnesses and any other expenses connected with the
arbitration, but all other costs of the arbitration, including the fees of the arbitrator, costs of
any record or transcript of the arbitration, administrative fees and other fees and costs shall be
paid in equal shares by each party (or, if applicable, each group of parties) to the arbitration.
In any Arbitrable Dispute in which the Claimant prevails, the Company shall reimburse the
Claimant’s reasonable attorneys fees and related expenses. Related expenses shall include, but not
be limited to, witness expenses, fees of the arbitrator, costs of any record or transcript of the
arbitration, administrative fees and other fees and expenses connected with the arbitration.
Arbitration in this manner shall be the exclusive remedy for any Arbitrable Dispute for which an
arbitration is elected. The arbitrator’s decision or award shall be fully enforceable and subject
to an entry of judgment by a court of competent jurisdiction. Should any party attempt to resolve
an Arbitrable Dispute for which an arbitration is elected by any method other than arbitration
pursuant to this Section, the responding party shall be entitled to recover from the initiating
party all damages, expenses and attorneys fees incurred as a result.

          (g) Legal Action. Prior to a Change in Control, except to enforce an arbitrator’s
award, no actions may be brought by a Claimant in any court with respect to an Arbitrable Dispute
that is arbitrated.

          (h) Following a Change in Control. Upon the occurrence of a Change in Control, an
independent party selected jointly by the Participants in the Plan prior to the Change in the
Control and the Administrative Committee or other appropriate person shall assume all duties and
responsibilities of the Administrative Committee under this Section 7.6 and actions may be brought
by a Claimant in any appropriate court with respect to an Arbitrable Dispute that is arbitrated.
After a Change in Control, if any person or entity has failed to comply (or is threatening not to
comply) with any of its obligations under the Plan, or takes or threatens to take any action to
deny, diminish or to recover from any Participant the benefits intended to be provided thereunder,
the Company shall reimburse the Participant for reasonable attorneys fees and related costs
incurred in the pursuance or defense of the Participant’s rights. If the Participant does not
prevail, attorneys fees shall also be payable under the preceding sentence to the extent the
Participant had reasonable justification for pursuing its claim, but only to the extent that the
scope of such representation was reasonable.

          (i) Preservation of Remedies. After exhaustion of the claims procedure as provided
herein, nothing shall prevent the claimant from pursuing any other legal or equitable

17

 

remedy otherwise available, including the right to bring a civil action under Section 502(a)
of ERISA, if applicable.

ARTICLE VIII

Miscellaneous Provisions,

     8.1 No Alienation. Subject to Section 6.6, neither the Participant, his Beneficiary,
nor his legal representative shall have any rights to commute, sell, assign, transfer or otherwise
convey the right to receive any payments hereunder, which payments and the rights thereto are
expressly declared to be nonassignable and nontransferable. Any attempt to assign or transfer the
right to payments of this Plan shall be void and have no effect.

     8.2 Unsecured General Creditor. The assets from which Participant benefits shall be
paid shall at all times be subject to the claims of the creditors of the Company and a Participant
shall have no right, claim or interest in any assets deemed to be invested or credited for such
Participant’s benefit under the Plan. The Plan shall at all times be considered entirely unfunded
for both tax purposes and for purposes of Title I of ERISA and no provision shall at any time be
made with respect to segregating assets of any Participant for payment of any amounts hereunder.
The Plan constitutes a mere promise of the Company to make payments to Participants in the future
and, subject to Section 5.1, Participants have rights only as unsecured general creditors of the
Company.

     8.3 Amendment and Termination. The Plan may be amended, modified, or terminated by
the Board of Directors in its sole discretion at any time and from time to time; provided, however,
that no such amendment, modification, or termination shall impair any rights to benefits under the
Plan prior to such amendment, modification, or termination. The Plan will be terminated as soon as
administratively possible following the distribution of all amounts credited to Participant
Accounts.

     8.4 No Effect on Other Benefits. It is expressly understood and agreed that the
payments made in accordance with the Plan are in addition to any other benefits or compensation to
which a Participant may be entitled or for which he may be eligible, whether funded or unfunded, by
reason of his employment by the Company.

     8.5 No Tax Representations. The Company makes no representation with respect to the
state, federal, financial, estate planning or the securities implications of the Plan.
Participants should consult with their own tax, financial and legal advisors with respect to their
participation in the Plan.

     8.6 Income Tax Withholdings. There shall be deducted from each payment under the Plan
the amount of any tax required by any governmental authority to be withheld and paid over by the
Company to such governmental authority for the Account of the person entitled to such distribution.

     8.7 Not Compensation. Any Basic Compensation deferred by a Participant while employed
by the Company shall not be considered wages, salaries or compensation under any other employee
benefit plan.

18

 

     8.8 No Affect on Employment. No provision of this Plan shall be construed to affect
in any manner the existing rights of the Company to suspend, terminate, alter, modify, whether or
not for cause, the employment relationship of the Participant and the Company.

     8.9 Governing Law; Jurisdiction. The validity, construction, and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in accordance with the laws
of the State of Colorado, without giving effect to principles of conflicts of laws to the extent
not pre-empted by federal law. The enforcement or interpretation of the Plan and any disputes
under or arising out of the Plan shall be submitted to the exclusive jurisdiction and venue of the
federal and state courts located in the County of Denver, Colorado.

     8.10 Construction. The captions and numbers preceding the sections of the Plan are
included solely as a matter of convenience of reference and are not to be taken as limiting or
extending the meaning of any of the terms and provisions of the Plan. Whenever appropriate, words
used in the singular shall include the plural or the plural may be read as the singular.

     8.11 Severability. In the event that any provision of the Plan shall be declared
illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
provisions of the Plan but shall be fully severable, and the Plan shall be construed and enforced
as if said illegal or invalid provision had never been inserted herein.

     IN WITNESS WHEREOF, to record the adoption of this Plan, effective as of April 1, 2009, the
undersigned, being duly authorized to act on behalf of the Board of Directors of Molycorp Minerals,
LLC, has executed this document this 26th day of March, 2009.

	 	 	 	 	 
	 	 	 
	 	By:  	                                                  /s/ Mark Smith
 	 
	 	 	Name:  	Mark Smith 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

19exv4w1

EXHIBIT 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

     Amendment No. 2 to Rights Agreement, dated as of May 24, 2010 (this “Amendment No. 2”),
between PFSweb, Inc., a Delaware corporation (the “Company”), and Mellon Investor
Services LLC, a New Jersey limited liability company, as successor to ChaseMellon Shareholder
Services, L.L.C., a New Jersey limited liability company (the “Rights Agent”).

     WHEREAS, the Company and the Rights Agent are parties to that certain Rights Agreement
dated as of June 8, 2000, as amended by Amendment No. 1 thereto dated as of May 30, 2008 (as
amended, the “Rights Agreement”);

     WHEREAS, the Board of Directors of the Company has considered the reasons underlying the
adoption of the Rights Agreement and has determined that those reasons continue to be valid at
present;

     WHEREAS, the Company desires to amend the Rights Agreement on the terms and conditions
hereinafter set forth; and

     WHEREAS, the Board of Directors of the Company has duly authorized this Amendment No. 2.

     NOW, THEREFORE, in consideration of the premises and mutual agreements set forth in the
Rights Agreement and this Amendment No. 2, the parties hereby agree as follows:

     1. Amendment to Section 1(a). Section 1(a) of the Rights Agreement is amended by
adding the following paragraph thereto:

“Notwithstanding the foregoing, the Board of Directors may determine, in the exercise of its
reasonable judgment, that a Person who would otherwise be an “Acquiring Person,” as defined
pursuant to the foregoing definition, shall not be deemed to be an “Acquiring Person,” provided,
that, and for so long as (i) such Person, together with all Affiliates and Associates of such
Person, shall be the Beneficial Owner of not more than 23% of the Common Shares then outstanding
and (ii) on or before the date upon which such Person would otherwise be an “Acquiring Person,” as
defined pursuant to the foregoing definition, such Person, on behalf of or together with all
Affiliates and Associates of such Person, shall have executed and delivered to the Company, and
shall be bound by and subject to, a standstill agreement satisfactory in form and
substance to the Board of Directors.”

     2. Other Terms Unchanged. This Amendment No. 2 shall be effective as of the date
hereof and, except as set forth herein, the Rights Agreement shall remain in full force and effect
and shall be otherwise unaffected hereby. The term “Agreement” as used in the Rights Agreement
shall be deemed to refer to the Rights Agreement as amended hereby.

     3. Severability. If any term, provision, covenant or restriction of this
Amendment No. 2 is held by a court of competent jurisdiction or other authority to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this
Amendment No. 2 shall remain in full force and effect and shall in no way be affected, impaired or
invalidated.

     4. Governing Law. This Amendment No. 2 shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed entirely
within such State; provided, however, that all provisions regarding the rights, duties and
obligations of the Rights Agent shall be governed by and construed in accordance with the laws of
the State of New York applicable to contracts made and to be performed entirely within such State.

     5. Counterparts. This Amendment No. 2 may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an original and
all such counterparts shall together constitute but one and the same instrument.

     6. Descriptive Headings. Descriptive headings of the several Sections of this
Amendment No. 2 are inserted for convenience of reference only and shall not control or affect the
meaning or construction of any of the provisions hereof.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly
executed as of the day and year first above written.

 

 

	 	 	 	 	 
	 	PFSWEB, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MELLON INVESTOR SERVICES LLC,

as Rights Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]