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                                                                    EXHIBIT 10.3

NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO RULE
144(K) OR UNLESS THE HOLDER FURNISHES THE COMPANY WITH AN OPINION OF COUNSEL,
THE FORM AND SUBSTANCE OF WHICH OPINION SHALL BE REASONABLY SATISFACTORY TO THE
COMPANY, TO THE EFFECT THAT SUCH TRANSFER DOES NOT REQUIRE REGISTRATION UNDER
THE SECURITIES ACT PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING,
THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.

                                  PFSWEB, INC.

                                     WARRANT

Warrant No. [  ]                                         Dated: November 7, 2003

         PFSweb, Inc., a Delaware corporation (the "COMPANY"), hereby certifies
that, for value received, [NAME OF HOLDER] or its registered assigns (the
"HOLDER"), is entitled to purchase from the Company up to a total of [ ] shares
of common stock, $0.001 par value per share (the "COMMON STOCK"), of the Company
(each such share, a "WARRANT SHARE" and all such shares, the "WARRANT SHARES")
at an exercise price equal to $3.30 per share (as adjusted from time to time as
provided in Section 8, the "EXERCISE PRICE"), at any time and from time to time
from and after the date hereof and through and including November 7, 2007 (the
"EXPIRATION DATE"), and subject to the following terms and conditions. This
Warrant (this "WARRANT") is one of a series of similar warrants issued pursuant
to that certain Securities Purchase Agreement dated as of the date hereof, by
and among the Company and the Purchasers identified therein (the "PURCHASE
AGREEMENT") and referred to in the Purchase Agreement as the "First Warrants."
All such warrants are referred to herein, collectively, as the "WARRANTS."

         1. Definitions. In addition to the terms defined elsewhere in this
Warrant, capitalized terms that are not otherwise defined herein have the
meanings given to such terms in the Purchase Agreement.

         2. Registration of Warrant. The Company shall register this Warrant,
upon records to be maintained by the Company for that purpose (the "WARRANT
REGISTER"), in the name of the record Holder hereof from time to time. The
Company may deem and treat the registered Holder of this

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Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice
to the contrary.

         3. Registration of Transfers. The Company shall register the transfer
of any portion of this Warrant in the Warrant Register, upon surrender of this
Warrant, with the Form of Assignment attached hereto duly completed and signed,
to the Transfer Agent or to the Company at its address specified herein. Upon
any such registration or transfer, a new warrant to purchase Common Stock, in
substantially the form of this Warrant (any such new warrant, a "NEW WARRANT"),
evidencing the portion of this Warrant so transferred shall be issued to the
transferee and a New Warrant evidencing the remaining portion of this Warrant
not so transferred, if any, shall be issued to the transferring Holder. The
acceptance of the New Warrant by the transferee thereof shall be deemed the
acceptance by such transferee of all of the rights and obligations of a holder
of a Warrant.

         4. Exercise and Duration of Warrants.

                  (a) This Warrant shall be exercisable by the registered Holder
at any time and from time to time on or after the date hereof to and including
the Expiration Date. At 6:30 P.M., New York City time, on the Expiration Date,
the portion of this Warrant not exercised prior thereto shall be and become void
and of no value; provided that, if the average of the Closing Prices for the
five Trading Days immediately prior to (but not including) the Expiration Date
exceeds the Exercise Price on the Expiration Date, then this Warrant shall be
deemed to have been exercised in full (to the extent not previously exercised)
on a "cashless exercise" basis at 6:30 P.M., New York City time, on the
Expiration Date.

                  (b) A Holder may exercise this Warrant by delivering to the
Company (i) an Exercise Notice, in the form attached hereto, appropriately
completed and duly signed, and (ii) payment of the Exercise Price for the number
of Warrant Shares as to which this Warrant is being exercised (which may take
the form of a "cashless exercise" if so indicated in the Exercise Notice), and
the date such items are delivered to the Company (as determined in accordance
with the notice provisions hereof) is an "EXERCISE DATE." The Holder shall not
be required to deliver the original Warrant in order to effect an exercise
hereunder. Execution and delivery of the Exercise Notice shall have the same
effect as cancellation of the original Warrant and issuance of a New Warrant
evidencing the right to purchase the remaining number of Warrant Shares.

         5. Delivery of Warrant Shares.

                  (a) Upon exercise of this Warrant, the Company shall promptly
(but in no event later than three Trading Days after the Exercise Date) issue or
cause to be issued and cause to be delivered to or upon the written order of the
Holder and in such name or names as the Holder may designate, a certificate for
the Warrant Shares issuable upon such exercise, free of restrictive legends
unless a registration statement covering the resale of the Warrant Shares and
naming the Holder as a selling stockholder thereunder is not then effective and
the Warrant Shares are not freely transferable without volume restrictions
pursuant to Rule 144 under the Securities Act. The Holder, or any Person so
designated by the Holder to receive Warrant Shares, shall be deemed to have
become holder of record of such Warrant Shares as of the Exercise Date. The
Company shall, upon

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request of the Holder, use its best efforts to deliver Warrant Shares hereunder
electronically through the Depository Trust Corporation or another established
clearing corporation performing similar functions.

                  (b) This Warrant is exercisable, either in its entirety or,
from time to time, for a portion of the number of Warrant Shares. Upon surrender
of this Warrant following one or more partial exercises, the Company shall issue
or cause to be issued, at its expense, a New Warrant evidencing the right to
purchase the remaining number of Warrant Shares.

                  (c) In addition to any other rights available to a Holder, if
the Company fails to deliver to the Holder a certificate representing Warrant
Shares by the third Trading Day after the date on which delivery of such
certificate is required by this Warrant, and if after such third Trading Day the
Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares
that the Holder anticipated receiving from the Company (a "BUY-IN"), then the
Company shall, within three Trading Days after the Holder's request and in the
Holder's discretion, either (i) pay cash to the Holder in an amount equal to the
Holder's total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased (the "BUY-IN PRICE"), at which point the
Company's obligation to deliver such certificate (and to issue such Common
Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the
Holder a certificate or certificates representing such Common Stock and pay cash
to the Holder in an amount equal to the excess (if any) of the Buy-In Price over
the product of (A) such number of shares of Common Stock, times (B) the Closing
Price on the date of the event giving rise to the Company's obligation to
deliver such certificate.

                  (d) The Company's obligations to issue and deliver Warrant
Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any
waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder or any other Person of any obligation to the Company or any
violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of
Warrant Shares. Nothing herein shall limit a Holder's right to pursue any other
remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with
respect to the Company's failure to timely deliver certificates representing
shares of Common Stock upon exercise of the Warrant as required pursuant to the
terms hereof.

         6. Charges, Taxes and Expenses. Issuance of certificates for shares of
Common Stock upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or
other incidental tax or expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for
Warrant Shares or Warrants in a name other than that of the Holder or an
Affiliate thereof. The Holder shall be responsible for all other tax

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liability that may arise as a result of holding or transferring this Warrant or
receiving Warrant Shares upon exercise hereof.

         7. Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep available out of the aggregate of its authorized but
unissued and otherwise unreserved Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein
provided, the number of Warrant Shares which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any
other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 8). The Company covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and nonassessable. The
Company will take all such action as may be necessary to assure that such shares
of Common Stock may be issued as provided herein without violation of any
applicable law or regulation or of any requirements of any securities exchange
or automated quotation system upon which the Common Stock may be listed.

         8. Certain Adjustments. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 8.

                  (a) Stock Dividends and Splits. If the Company, at any time
while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock
or otherwise makes a distribution on any class of capital stock that is payable
in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock
into a larger number of shares, or (iii) combines outstanding shares of Common
Stock into a smaller number of shares, then in each such case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock outstanding immediately before such event and of which
the denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution,
and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall
become effective immediately after the effective date of such subdivision or
combination.

                  (b) Pro Rata Distributions. If the Company, at any time while
this Warrant is outstanding, distributes to holders of Common Stock (i)
evidences of its indebtedness, (ii) any security (other than a distribution of
Common Stock covered by the preceding paragraph), (iii) rights or warrants to
subscribe for or purchase any security, or (iv) any other asset, including cash
(in each case, "DISTRIBUTED PROPERTY"), then in each such case the Exercise
Price in effect immediately prior to the record date fixed for determination of
stockholders entitled to receive such distribution shall be adjusted (effective
on such record date) to equal the product of such Exercise Price times a
fraction of which the denominator shall be the average of the Closing Prices for
the five Trading Days immediately prior to (but not including) such record date
and of which the numerator shall be such average less the then fair market value
of the Distributed Property distributed in respect of one outstanding share of
Common Stock, as determined (except in the case of cash) by a mutually

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satisfactory firm of independent certified public accountants (an "APPRAISER").
In such event, the Holder, after receipt of the determination by the Appraiser,
shall have the right to select an additional appraiser (which shall be a
nationally recognized accounting firm), in which case such fair market value
shall be deemed to equal the average of the values determined by each of the
Appraiser and such appraiser. As an alternative to the foregoing adjustment to
the Exercise Price, automatically in the case of a cash distribution or in all
other cases at the request of the Holder delivered before the 90th day after
such record date, the Company will deliver to such Holder, upon the distribution
of cash to holders of Common Stock or in all other cases within five Trading
Days after such request (or, if later, on the effective date of such
distribution), the Distributed Property that such Holder would have been
entitled to receive in respect of the Warrant Shares for which this Warrant
could have been exercised immediately prior to such record date.

                  (c) Fundamental Transactions. If, at any time while this
Warrant is outstanding, (i) the Company effects any merger or consolidation of
the Company with or into another Person, (ii) the Company effects any sale of
all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, cash or
property, or (iv) the Company effects any reclassification of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property
(in any such case, a "FUNDAMENTAL TRANSACTION"), then the Holder shall have the
right thereafter to receive, upon exercise of this Warrant, the same amount and
kind of securities, cash or property as it would have been entitled to receive
upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of the number of Warrant
Shares then issuable upon exercise in full of this Warrant (the "ALTERNATE
CONSIDERATION"). The aggregate Exercise Price for this Warrant will not be
affected by any such Fundamental Transaction, but the Company shall apportion
such aggregate Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental
Transaction. At the Holder's request, any successor to the Company or surviving
entity in such Fundamental Transaction shall issue to the Holder a new warrant
consistent with the foregoing provisions and evidencing the Holder's right to
purchase the Alternate Consideration for the aggregate Exercise Price upon
exercise thereof. The terms of any agreement pursuant to which a Fundamental
Transaction is effected shall include terms requiring any such successor or
surviving entity to comply with the provisions of this paragraph (c) and
insuring that the Warrant (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

                  (d) Subsequent Equity Sales.

                           (i) If, at any time while this Warrant is
                  outstanding, the Company or any Subsidiary issues additional
                  shares of Common Stock or rights, warrants, options or other
                  securities or debt convertible, exercisable or exchangeable
                  for shares of

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                  Common Stock or otherwise entitling any Person to acquire
                  shares of Common Stock (collectively, "COMMON STOCK
                  EQUIVALENTS") at an effective net price to the Company per
                  share of Common Stock (the "EFFECTIVE PRICE") less than the
                  Exercise Price (as adjusted hereunder to such date), then the
                  Exercise Price shall be reduced to equal the product of (A)
                  the Exercise Price in effect immediately prior to such
                  issuance of Common Stock or Common Stock Equivalents times (B)
                  a fraction, the numerator of which is the sum of (1) the
                  number of shares of Common Stock outstanding immediately prior
                  to such issuance, plus (2) the number of shares of Common
                  Stock which the aggregate Effective Price of the Common Stock
                  issued (or deemed to be issued) would purchase at the Exercise
                  Price, and the denominator of which is the aggregate number of
                  shares of Common Stock outstanding or deemed to be outstanding
                  immediately after such issuance. For purposes of this
                  paragraph, in connection with any issuance of any Common Stock
                  Equivalents, (A) the maximum number of shares of Common Stock
                  potentially issuable at any time upon conversion, exercise or
                  exchange of such Common Stock Equivalents (the "DEEMED
                  NUMBER") shall be deemed to be outstanding upon issuance of
                  such Common Stock Equivalents, (B) the Effective Price
                  applicable to such Common Stock shall equal the minimum dollar
                  value of consideration payable to the Company to purchase such
                  Common Stock Equivalents and to convert, exercise or exchange
                  them into Common Stock (net of any discounts, fees,
                  commissions and other expenses), divided by the Deemed Number,
                  and (C) no further adjustment shall be made to the Exercise
                  Price upon the actual issuance of Common Stock upon
                  conversion, exercise or exchange of such Common Stock
                  Equivalents.

                           (ii) If, at any time while this Warrant is
         outstanding, the Company or any Subsidiary issues Common Stock
         Equivalents with an Effective Price or a number of underlying shares
         that floats or resets or otherwise varies or is subject to adjustment
         based (directly or indirectly) on market prices of the Common Stock (a
         "FLOATING PRICE SECURITY"), then, for purposes of applying the
         preceding paragraph in connection with any subsequent exercise, the
         Effective Price will be determined separately on each Exercise Date and
         will be deemed to equal the lowest Effective Price at which any holder
         of such Floating Price Security is entitled to acquire Common Stock on
         such Exercise Date (regardless of whether any such holder actually
         acquires any shares on such date).

                           (iii) Notwithstanding the foregoing, no adjustment
         will be made under this paragraph (d) in respect of any grant of
         options or issuance of Common Stock to employees, consultants, officers
         or directors of the Company pursuant to any stock option or purchase
         plan duly adopted by the Company's board of directors or in respect of
         the issuance of Common Stock upon exercise of any such options.

                  (e) Number of Warrant Shares. Simultaneously with any
adjustment to the Exercise Price pursuant to paragraphs (a), (b) or (d) of this
Section, the number of Warrant Shares that may be purchased upon exercise of
this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the increased or

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decreased number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment.

                  (f) Calculations. All calculations under this Section 8 shall
be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not
include shares owned or held by or for the account of the Company, and the
disposition of any such shares shall be considered an issue or sale of Common
Stock.

                  (g) Notice of Adjustments. Upon the occurrence of each
adjustment pursuant to this Section 8, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the
adjusted Exercise Price and adjusted number or type of Warrant Shares or other
securities, cash or property issuable upon exercise of this Warrant (as
applicable), describing the transactions giving rise to such adjustments and
showing in detail the facts upon which such adjustment is based. Upon written
request, the Company will promptly deliver a copy of each such certificate to
the Holder and to the Company's Transfer Agent.

                  (h) Notice of Corporate Events. If the Company (i) declares a
dividend or any other distribution of cash, securities or other property in
respect of its Common Stock, including without limitation any granting of rights
or warrants to subscribe for or purchase any capital stock of the Company or any
Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii)
authorizes the voluntary dissolution, liquidation or winding up of the affairs
of the Company, then the Company shall deliver to the Holder a notice describing
the material terms and conditions of such transaction, at least 20 calendar days
prior to the applicable record or effective date on which a Person would need to
hold Common Stock in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order
to insure that the Holder is given the practical opportunity to exercise this
Warrant prior to such time so as to participate in or vote with respect to such
transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to
be described in such notice.

         9. Payment of Exercise Price. The Holder shall pay the Exercise Price
in one of the following manners:

                  (a) Cash Exercise. The Holder may deliver immediately
available funds; or

                  (b) Cashless Exercise. The Holder may satisfy its obligation
to pay the Exercise Price through a "cashless exercise," in which event the
Company shall issue to the Holder the number of Warrant Shares determined as
follows:

                                    X = Y [(A-B)/A]

                  where:

                                    X = the number of Warrant Shares to be
                                        issued to the Holder.

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                                    Y = the number of Warrant Shares with
                                    respect to which this Warrant is being
                                    exercised.

                                    A = the average of the Closing Prices for
                                    the five Trading Days immediately prior to
                                    (but not including) the Exercise Date.

                                    B = the Exercise Price.

For purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued pursuant to the Purchase Agreement.

         10. Limitation on Exercise.

                  (a) Notwithstanding anything to the contrary contained herein,
the number of shares of Common Stock that may be acquired by the Holder upon any
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its Affiliates and any other Persons whose beneficial ownership
of Common Stock would be aggregated with the Holder's for purposes of Section
13(d) of the Exchange Act does not exceed 9.999% (the "MAXIMUM PERCENTAGE") of
the total number of issued and outstanding shares of Common Stock (including for
such purpose the shares of Common Stock issuable upon such exercise). For such
purposes, beneficial ownership shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
Each delivery of an Exercise Notice hereunder will constitute a representation
by the Holder that it has evaluated the limitation set forth in this paragraph
and determined that issuance of the full number of Warrant Shares requested in
such Exercise Notice is permitted under this paragraph. The Company's obligation
to issue shares of Common Stock in excess of the limitation referred to in this
Section shall be suspended (and shall not terminate or expire notwithstanding
any contrary provisions hereof) until such time, if any, as such shares of
Common Stock may be issued in compliance with such limitation. By written notice
to the Company, the Holder may waive the provisions of this Section or increase
or decrease the Maximum Percentage to any other percentage specified in such
notice, but (i) any such waiver or increase or decrease will not be effective
until the 61st day after such notice is delivered to the Company, and (ii) any
such waiver or increase or decrease will apply only to the Holder and not to any
other holder of Warrants.

         11. Fractional Shares. The Company shall not be required to issue or
cause to be issued fractional Warrant Shares on the exercise of this Warrant. If
any fraction of a Warrant Share would, except for the provisions of this
Section, be issuable upon exercise of this Warrant, the number of Warrant Shares
to be issued will be rounded up to the nearest whole share.

         12. Notices. Any and all notices or other communications or deliveries
hereunder (including without limitation any Exercise Notice) shall be in writing
and shall be deemed given and

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effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in
this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the
next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section on
a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on
any Trading Day, (iii) the Trading Day following the date of mailing, if sent by
nationally recognized overnight courier service, or (iv) upon actual receipt by
the party to whom such notice is required to be given. The address for such
notices or communications shall be as set forth in the Purchase Agreement.

         13. Warrant Agent. The Company shall serve as warrant agent under this
Warrant. Upon 30 days' notice to the Holder, the Company may appoint a new
warrant agent. Any corporation into which the Company or any new warrant agent
may be merged or any corporation resulting from any consolidation to which the
Company or any new warrant agent shall be a party or any corporation to which
the Company or any new warrant agent transfers substantially all of its
corporate trust or shareholders services business shall be a successor warrant
agent under this Warrant without any further act. Any such successor warrant
agent shall promptly cause notice of its succession as warrant agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last
address as shown on the Warrant Register.

         14. Miscellaneous.

                  (a) This Warrant shall be binding on and inure to the benefit
of the parties hereto and their respective successors and assigns. Subject to
the preceding sentence, nothing in this Warrant shall be construed to give to
any Person other than the Company and the Holder any legal or equitable right,
remedy or cause of action under this Warrant. This Warrant may be amended only
in writing signed by the Company and the Holder and their successors and
assigns.

                  (b) The Company will not, by amendment of its governing
documents or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder against impairment.
Without limiting the generality of the foregoing, the Company (a) will not
increase the par value of any Warrant Shares above the amount payable therefor
on such exercise, (b) will take all such action as may be reasonably necessary
or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable Warrant Shares on the exercise of this Warrant, and (c)
will not close its stockholder books or records in any manner which interferes
with the timely exercise of this Warrant.

                  (c) GOVERNING LAW; VENUE; WAIVER OF JURY TRAIL. THE CORPORATE
LAWS OF THE STATE OF DELAWARE SHALL GOVERN ALL ISSUES CONCERNING THE RELATIVE
RIGHTS OF THE COMPANY AND ITS STOCKHOLDERS. ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS

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SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION
CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE
ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES,
AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS
NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT,
ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL
SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL
CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING
CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS
IN ANY MANNER PERMITTED BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL
BY JURY.

                  (d) The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

                  (e) In case any one or more of the provisions of this Warrant
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]

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         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                   PFSWEB, INC.

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

                                       11
<PAGE>

                             FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To PFSweb, Inc.

The undersigned is the Holder of Warrant No. _______ (the "WARRANT") issued by
PFSweb, Inc., a Delaware corporation (the "COMPANY"). Capitalized terms used
herein and not otherwise defined have the respective meanings set forth in the
Warrant.

1.       The Warrant is currently exercisable to purchase a total of
         ______________ Warrant Shares.

2.       The undersigned Holder hereby exercises its right to purchase
         _________________ Warrant Shares pursuant to the Warrant.

3.       The Holder intends that payment of the Exercise Price shall be made as
         (check one):

                           ____    "Cash Exercise" under Section 9(a)

                           ____    "Cashless Exercise" under Section 9(b)

4.       If the holder has elected a Cash Exercise, the holder shall pay the sum
         of $____________ to the Company in accordance with the terms of the
         Warrant.

5.       Pursuant to this exercise, the Company shall deliver to the holder
         _______________ Warrant Shares in accordance with the terms of the
         Warrant.

6.       Following this exercise, the Warrant shall be exercisable to purchase a
         total of ______________ Warrant Shares.

Dated: _______________, ____                Name of Holder:

                                            (Print)
                                            ------------------------------------

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

                                            (Signature must conform in all
                                            respects to name of holder as
                                            specified on the face of the
                                            Warrant)

<PAGE>

                               FORM OF ASSIGNMENT

         [To be completed and signed only upon transfer of Warrant]

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ________________________________ the right represented by the within
Warrant to purchase ____________ shares of Common Stock of PFSweb, Inc. to which
the within Warrant relates and appoints ________________ attorney to transfer
said right on the books of PFSweb, Inc. with full power of substitution in the
premises.

Dated: _______________, ____

                                   ---------------------------------------
                                   (Signature must conform in all respects to
                                   name of holder as specified on the face of
                                   the Warrant)

                                   ---------------------------------------
                                   Address of Transferee

                                   ---------------------------------------

                                   ---------------------------------------<PAGE>

                                                                   EXHIBIT 10.14

                         MARINE TRANSPORTATION AGREEMENT

THIS MARINE TRANSPORTATION AGREEMENT (this "Agreement") is executed this 27th
day of October, 2003, by and between Martin Operating Partnership L.P., a
Delaware limited partnership ("Owner"), and Cross Oil Refining & Marketing,
Inc., a Delaware corporation ("Charterer"), in order to evidence the agreement
of such parties with respect to Owner's provision of bulk crude oil and/or
finished oil products marine transportation services on board its marine vessels
under the following terms and conditions.

1. TERM; TERMINATION                The initial term of this Agreement shall be
                                    for 5 years (the "Initial Term") commencing
                                    on the date first set forth above (the
                                    "Commencement Date") and ending on the 5th
                                    anniversary of the Commencement Date. This
                                    Agreement will automatically renew for two
                                    successive 5 year terms (each a "Renewal
                                    Term", and together with the Initial Term,
                                    the "Term"), unless Charterer elects not to
                                    renew this Agreement by providing Owner with
                                    written notice of such election 180 days
                                    prior to the expiration of the Initial Term
                                    or Renewal Term, as applicable, at which
                                    point this Agreement will automatically
                                    terminate.

                                    Within 30 days of the end of the Initial
                                    Term, and within 30 days of the end of each
                                    Renewal Term, both parties hereto shall have
                                    the right renegotiate the day rate specified
                                    below for the use of the Vessels
                                    (hereinafter defined). If no such agreement
                                    on such day rate is reached by such parties
                                    by the commencement of a Renewal Term, this
                                    Agreement shall automatically terminate.

                                    Either party hereto shall have the right to
                                    terminate this Agreement in the event of a
                                    breach by the other party of its obligations
                                    hereunder, subject to 10 days prior written
                                    notice of such breach given by the
                                    non-breaching party to the breaching party
                                    and the opportunity for such breaching party
                                    to cure such breach during such 10 day
                                    period.

                                    This Agreement shall automatically terminate
                                    upon the termination of that certain Crude
                                    Oil Sale Agreement of even date herewith
                                    among Charterer, Berry Petroleum Company and
                                    Martin Resource Management Corporation.

                                    Upon any such termination, this Agreement
                                    shall thereafter have no further force or
                                    effect except as to already accrued rights
                                    and obligations, which shall continue until
                                    satisfied.

2. GENERAL TERMS                    During the Term, Charterer agrees that Owner
                                    will be the sole and exclusive provider of
                                    marine transportation services for bulk
                                    crude oil and/or finished oil products owned
                                    by Charterer or owned by others and in
                                    transit for sale to Charterer at its
                                    Smackover, Arkansas oil refinery so long as
                                    Owner has the required equipment available;
                                    provided, however, that Owner acknowledges
                                    that Charterer has a contractual obligation
                                    to provide its current marine transportation
                                    supplier with 30 days advance notification
                                    of Charterer's cancellation of its
                                    contractual arrangement with such supplier,
                                    which notice is being delivered by Charterer
                                    to such supplier on the Commencement Date.
                                    During the Term, Owner agrees to make three
                                    of its vessels that are suited for the
                                    transportation of bulk crude oil and/or
                                    finished oil products available for
                                    Charterer's transportation needs at all
                                    times,

                                       1

<PAGE>

                                    subject in the case of one such vessel to
                                    the offhire provisions hereinafter set forth
                                    (any such vessel referred to herein as a
                                    "Vessel" and collectively as the "Vessels").
                                    It is further understood that from time to
                                    time Charterer may request that one or more
                                    of the Vessels be an epoxy-lined barge that
                                    may be sufficiently cleaned for lube oil
                                    service, which Owner agrees to provide
                                    subject to availability.

                                    Charterer will be required to utilize and
                                    pay for two of the Vessels on a full time
                                    basis (the "Full Time Vessels"). As to the
                                    third Vessel, Charterer shall provide Owner
                                    with Charterer's projected needs for such
                                    Vessel for a minimum of one month in advance
                                    of its intended use (the "Flex Time
                                    Vessel"). However, if Charterer gives Owner
                                    at least 10 days prior written notice of a
                                    change in Charterer's projected use of the
                                    Flex Time Vessel, then the Flex Time Vessel
                                    will be deemed offhire during the period of
                                    time specified in such notice, with such
                                    offhire period commencing at the time that
                                    the Flex Time Vessel returns to its home
                                    port in Houston, Texas. During such offhire
                                    period, Charterer will not be charged for
                                    the use of the Flex Time Vessel. In
                                    connection with its use of any Vessel,
                                    Charterer will follow Owner's normal
                                    scheduling, loading and offloading protocols
                                    established from time to time, subject to
                                    Owner's obligations set forth in this
                                    Agreement.

3. RATE                             With respect to each Full Time Vessel,
                                    Charterer agrees to pay to Owner for each
                                    day during the Term, regardless of
                                    Charterer's actual use thereof, a day rate
                                    of $____ per vessel plus fuel, waterway fuel
                                    taxes and wharfage/docking fees at Owner's
                                    actual cost. With respect to the Flex Time
                                    Vessel, Charterer agrees to pay to Owner for
                                    each day such Vessel is utilized in service
                                    for Charterer, a day rate of $____ plus
                                    fuel, waterway fuel taxes and
                                    wharfage/docking fees at Owner's actual
                                    cost. Owner will invoice such day rates and
                                    cost items to Charterer on a monthly basis
                                    and Charterer will pay such invoiced amounts
                                    within 30 days of invoice date.

4.  ADDITIONAL TERMS                The "Additional Terms" attached hereto as
                                    Exhibit A shall be deemed to be incorporated
                                    into this Agreement by this reference.

                                       2

<PAGE>

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

                                      MARTIN OPERATING PARTNERSHIP L.P.
                                      By Martin Operating GP LLC, Its General
                                      Partner
                                           By Martin Midstream Partners L.P.,
                                           Its Sole Member
                                                By Martin Midstream GP LLC, Its
                                                General Partner

                                            By: /s/ ROBERT BONDURANT
                                                --------------------------------
                                            Name: Robert Bondurant
                                            Title: Chief Financial Officer

                                  CROSS OIL REFINING & MARKETING, INC.

                                  By: /s/ DENNY E. MCCONATHY
                                      -----------------------------------
                                  Name: Denny E. McConathy
                                        ---------------------------------
                                  Title: Chairman and CEO
                                         --------------------------------

                                       3

<PAGE>

                                    EXHIBIT A

                                ADDITIONAL TERMS

These additional terms are deemed to be incorporated by reference into this
Agreement.

         1.       OFFHIRE. The applicable Vessel shall be declared offhire in
the event of any delay in performance due to the inability to deliver full
services as the result of medical emergencies, groundings outside the channel
markers, maintenance, inspections, mechanical failures and breakdowns or time
spent waiting on crew readiness. During offhire periods under this clause, all
charges for the applicable Vessel shall cease. The applicable Vessel shall not
be considered offhire in the event of navigational delays, including locking and
docking, groundings within the channel markers, or delays due to weather.

         2.       INVOICING & PAYMENT. All monthly Owner invoices to Charterer
for day rates and cost items will be paid by Charterer within 30 days of invoice
date in accordance with Owner's normal payment protocols, which will be
specified in the applicable invoice. Each monthly invoice shall be itemized to
include charges by applicable Vessel by day.

         3.       DEMISE OF CHARTER. The Master of an applicable Vessel,
although appointed by and in the employ of Owner and subject to Owner's
direction and control, shall observe the reasonable instructions of Charterer in
connection with Charterer's marine transportation needs under this Agreement;
PROVIDED, HOWEVER, THAT NOTHING IN THIS CLAUSE OR ELSEWHERE IN THIS AGREEMENT
SHALL BE CONSTRUED AS CREATING A DEMISE OF THE APPLICABLE VESSEL TO CHARTERER OR
AS VESTING CHARTERER WITH ANY CONTROL OVER THE PHYSICAL OPERATION OR NAVIGATION
OF THE APPLICABLE VESSEL.

         4.       POLLUTION PREVENTION. Owner will, in the case of an escape or
discharge of bulk crude oil and/or finished oil products or threat of escape or
discharge of same from the applicable Vessel into the navigable waters of the
United States, promptly undertake such measures as are reasonably necessary or
which may be required by applicable laws, rules and regulations to mitigate the
resultant pollution damage; provided, however, that Charterer may at its option,
and upon notice to Owner and on the conditions hereinafter set forth, undertake
such measures. Charterer shall keep Owner advised of any such measures to be
undertaken by it under such circumstances. Any of such measures actually
undertaken by Charterer shall be at Owner's expense (except to the extent that
such escape or discharge was caused or contributed to by Charterer). If Owner
believes that any such measures undertaken by Charterer should not be undertaken
or should be discontinued, Owner may so notify Charterer and thereafter
Charterer, if it elects to continue such measures, shall do so at its own risk
and expense.

         5.       INDEMNITY. Owner covenants and agrees to fully defend,
protect, indemnify and hold harmless Charterer and its affiliates from and
against each and every claim, demand, cause of action, liability, damage, cost
or expense (including, but not limited to, reasonable attorney's fees and
expenses incurred in the defense of Charterer), resulting from any damage to
property or injury or death to persons caused, directly or indirectly, by
Owner's acts or omissions in connection with Owner's provision of marine
transportation services hereunder, except to the extent caused, directly or
indirectly, by the acts or omissions of Charterer.

         Charterer covenants and agrees to fully defend, protect, indemnify and
hold harmless Owner and its affiliates from and against each and every claim,
demand, cause of action, liability, damage, cost or expense (including, but not
limited to, reasonable attorney's fees and expenses incurred in the defense of
Owner), resulting from any damage to property or injury or death to persons
caused, directly or indirectly, by Charterer's acts or omissions in connection
with Charterer's use of marine transportation services hereunder, except to the
extent caused, directly or indirectly, by the acts or omissions of Owner.

         The foregoing indemnities shall expressly exclude any liability for
consequential, punitive, special or similar damages, including, without
limitation, lost profits.

                                       4

<PAGE>

         6.       COMPLIANCE WITH LAW; INSURANCE: During the Term of this
Agreement, Owner shall comply in all material respects with applicable laws,
including, without limitation applicable environmental, health, safety and
financial responsibility laws, rules and regulations, applicable to the use of
the Vessel for bulk crude oil or finished lubricating products transportation.
Owner covenants that it will maintain at all times during the Term of this
Agreement insurance coverage for sudden and accidental pollution of
$500,000,000.

         7.       CHARTERER'S REPRESENTATIVES: Charterer's representatives may
board the applicable Vessel at any convenient place to observe cargo-handling
operations, to inspect logs and certificates, and to confirm that Owner is
fulfilling its obligations under this Agreement.

         8.       DRUG & ALCOHOL ABUSE POLICY: Owner warrants that it will
maintain and enforce at all times during the Term of this Agreement a drug and
alcohol abuse policy applicable to the applicable Vessel which complies in all
material respects with the minimum standards promulgated by the U.S. Coast
Guard.

         9.       CONDITION OF EQUIPMENT: Owner shall, before and at
commencement of each voyage by an applicable Vessel under this Agreement,
exercise commercially reasonable efforts to ensure that such Vessel is seaworthy
and in good operating condition, properly manned, equipped and supplied for the
voyage, to ensure that the pipes, pumps and coils tight, staunch, are in good
operating condition and fit for the voyage, and to ensure that the tanks and
other spaces in which bulk crude oil is to be carried are in good operating
condition and fit for the carriage and preservation of the same. Owner will
maintain at all times during the Term of this Agreement a valid and subsisting
certificate or other permit issued by the U.S. Coast Guard (or other
governmental bureau or department having jurisdiction) approving the applicable
Vessel for the transportation and carriage of inflammable liquids.

         10.      SUBLET: Charterer shall not be permitted to sublet the use of
the applicable Vessel to any third party.

         11.      FORCE MAJEURE: The applicable Vessel, its captain and Owner
shall not, unless otherwise in this Agreement expressly provided, be responsible
for any loss or damage arising or resulting from: any act, default or barratry
of the captain, pilots, mariners, or other servants of Owner in the navigation
or management of such Vessel; fire, unless caused by the personal design or
neglect of Owner; collision, stranding or peril, danger or accident of navigable
waters; saving or attempting to save life or property; wastage in weight or
bulk, or any other loss or damage arising from inherent defect, quality or vice
of the cargo; any act or omission of Charterer, Owner, any other shipper or any
consignee of the cargo, their agents or representatives; insufficiency or
inadequacy of marks; explosion, bursting of boilers, breakage of shafts, or any
latent defect in hull, equipment or machinery; unseaworthiness of such Vessel
unless caused by want or due diligence on the part of Owner to make such Vessel
seaworthy or to have it properly manned, equipped and supplied; or from any
other cause of whatsoever kind arising without the actual fault of Owner. And
neither the applicable Vessel, its captain or Owner, nor the Charterer, shall,
unless otherwise in this Agreement expressly provided, be responsible for any
loss or damage or delay or failure in performing hereunder arising or resulting
from; act of God, act of war; act of public enemies, pirates or assailing
thieves; acts of terrorism; arrest or restraint of princes, rulers of people, or
seizure under legal process provided bond is promptly furnished to release such
Vessel or cargo; strike or lockout or stoppage or restraint of labor from
whatever cause, either partial or general, or riot or civil commotion.

                                       5

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