Document:

Twelfth Amendment to First Amended and Restated Loan and Security Agreement

 EXHIBIT 10.1 
 TWELFTH AMENDMENT TO FIRST AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT

 THIS TWELFTH AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (herein called this “Amendment”)
made as of the 14th day of May, 2012 by and between Priority Fulfillment Services, Inc. (“Borrower”) and Comerica Bank (“Bank”), 
 W I T N E S S E T H: 
 WHEREAS, Borrower and Bank have entered into that certain
First Amended and Restated Loan and Security Agreement dated as of December 29, 2004 (as from time to time amended or modified, the “Original Agreement”) for the purposes and consideration therein expressed, pursuant to which Bank
became obligated to make loans to Borrower as therein provided; and 
 WHEREAS, Borrower and Bank desire to amend the Original
Agreement for the purposes set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein and in the Original Agreement, in consideration of the loans which may hereafter be made by Bank to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto do hereby agree as follows: 
 ARTICLE I. 

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

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

 “Loan Agreement” means the Original Agreement as amended hereby 

[Twelfth Amendment] 

 ARTICLE II. 
 Amendment to Original Agreement 
 § 2.1 Negative Covenants.
Section 7.12 of the Original Agreement is hereby amended in its entirety to read as follows: 
 7.12
Capital Expenditures. Make capital expenditures in an aggregate amount greater than $6,500,000 in each fiscal year, provided that in each case, the aggregate amount of such expenditures purchased with cash (and not financed) shall not exceed
$1,500,000; provided further, that any capital expenditures made by Borrower exclusively from the proceeds of Permitted Distributions shall not be subject to the foregoing limitations. As used herein, the term “capital expenditures” does
not include (i) any software that is internally developed by Borrower, whether or not Borrower capitalized the development costs, (ii) any equipment ordered, but not yet accepted or paid for, by Borrower, and (iii) any leasehold
improvement costs to the extent such costs are funded by a landlord as tenant allowances under the terms of the applicable lease. 
 ARTICLE III. 
 Conditions of Effectiveness 

§ 3.1 Effective Date. This Amendment shall become effective as of the date first above written when and only when Bank shall
have received, at Bank’s office, a counterpart of this Amendment executed and delivered by Borrower and the attached Consent and Agreement executed and delivered by Guarantor. 

ARTICLE IV. 

Representations and Warranties 
 § 4.1 Representations and Warranties of Borrower. In order to induce Bank to enter into this Amendment, Borrower represents and warrants to Bank that: 

(a) The representations and warranties contained in Article 5 of the Original Agreement are true and correct at and as of
the time of the effectiveness hereof, except to the extent such representations or warranties relate to an earlier date in which case such representation or warranty shall be true and correct as of such earlier date or as otherwise disclosed to the
Bank in writing. 
 (b) Borrower is duly authorized to execute and deliver this Amendment and is and will
continue to be duly authorized to borrow and to perform its obligations under the Loan Agreement. Borrower has duly taken all corporate action necessary to authorize the execution and delivery of this Amendment and to authorize the performance of
the obligations of Borrower hereunder. 
 (c) The execution and delivery by Borrower of this Amendment, the
performance by Borrower of its obligations hereunder and the consummation of the transactions contemplated hereby do not and will not conflict with any provision of law, statute, rule or regulation or of the organizational documents of Borrower, or
of any 

  
 [Twelfth
Amendment] 

  
 2 

 
material agreement, judgment, license, order or permit applicable to or binding upon Borrower, or result in the creation of any lien, charge or encumbrance upon any assets or properties of
Borrower. Except for those which have been duly obtained, no consent, approval, authorization or order of any court or governmental authority or third party is required in connection with the execution and delivery by Borrower of this Amendment or
to consummate the transactions contemplated hereby. 
 (d) When duly executed and delivered, each of this
Amendment and the Loan Agreement will be a legal and binding instrument and agreement of Borrower, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency and similar laws applying to creditors’ rights generally
and by principles of equity applying to creditors’ rights generally. 
 ARTICLE V. 

Miscellaneous 
 § 5.1 Ratification of Agreements. The Original Agreement as hereby amended is hereby ratified and confirmed in all respects. Any reference to the Loan Agreement in any Loan Document shall be
deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Bank under the
Loan Agreement or any other Loan Document nor constitute a waiver of any provision of the Loan Agreement or any other Loan Document. 
 § 5.2 Survival of Agreements. All representations, warranties, covenants and agreements of Borrower herein shall survive the execution and delivery of this Amendment and the performance
hereof, including without limitation the making or granting of the Advances, and shall further survive until all of the Obligations are paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower
hereunder or under the Loan Agreement to Bank shall be deemed to constitute representations and warranties by, or agreements and covenants of, Borrower under this Amendment and under the Loan Agreement. 

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

[Remainder of this page intentionally left blank] 

  
 [Twelfth
Amendment] 

  
 3 

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

  

			
	PRIORITY FULFILLMENT SERVICES, INC.
		
	By:	 	/s/ Thomas J. Madden
	Name:	 	Thomas J. Madden
	Title:	 	CFO
	
	COMERICA BANK
		
	By:	 	/s/ Stu Bell
	Name:	 	Stu Bell
	Title:	 	Vice President

 [Twelfth Amendment – Signature Page] 

 CONSENT AND AGREEMENT 

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

 

			
	PFSWEB, INC.
		
	By:	 	/s/ Thomas J. Madden
		 	 Name: Thomas J. Madden

Title: CFO

 Consent and AgreementEighth Amendment to Loan and Security Agreement dated January 6, 2009

 EXHIBIT 10.2 
 EIGHTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

THIS EIGHTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), is dated as of April 30,
2012, by and between WELLS FARGO BANK, NATIONAL ASSOCIATION, acting through its Wells Fargo Business Credit operating division (as successor to Wachovia Bank, National Association which, in turn, was successor to Congress Financial
Corporation (Western)) (“Lender”), and PFSWEB RETAIL CONNECT, INC., a Delaware corporation formerly known as eCOST.com, Inc. (“Borrower”). 

WITNESSETH: 
 WHEREAS, Borrower and Lender entered into that certain Loan and Security Agreement, dated as of August 3, 2004 (as amended by (i) that certain First Amendment to Loan and Security
Agreement, by and between Borrower and Lender; (ii) that certain Second Amendment to Loan and Security Agreement, by and between Borrower and Lender; (iii) that certain Third Amendment to Loan and Security Agreement, by and between
Borrower and Lender; (iv) that certain Fourth Amendment to Loan and Security Agreement, dated as of March 28, 2007, by and between Borrower and Lender; (v) that certain Fifth Amendment to Loan and Security Agreement, dated as of
January 6, 2009; (vi) that certain Sixth Amendment to Loan and Security Agreement, dated as of May 5, 2010, and as modified by that certain letter agreement dated as of November 29, 2005, and (vii) that certain Seventh
Amendment to Loan and Security Agreement, dated as of May 31, 2011, (as further amended, restated, supplemented or otherwise modified through the date hereof, the “Loan Agreement”), whereunder Lender agreed to make extensions
of credit from time to time to, or for the account of, Borrower; 
 WHEREAS, the parties hereto desire to make certain
amendments to the Loan Agreement, subject to the terms hereof; 
 NOW THEREFORE, in consideration of the premises and of
the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Defined Terms. Unless otherwise defined herein, all capitalized terms used herein have the meanings assigned to
such terms in the Loan Agreement, as amended hereby. 
 SECTION 2. Amendments. Upon the Amendment Effective Date
(as hereinafter defined), the Loan Agreement shall be amended as follows: 
 (a) The following definitions are hereby added to
Section 1 of the Loan Agreement in a manner that maintains alphabetical order: 

“‘Notification of Draw’ means a written notice to Lender of Borrower’s initial intention
to request the funding of a Loan or the Lender’s provision of Letter of Credit Accommodation, which shall be issued by Borrower at least two weeks prior to the date of the contemplated Loan funding or issuance of Letter of Credit Accommodation.
..” 
 (b) Section 1.67 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 “‘1.67 Revolving Loan Limit’ shall mean Three Million Dollars ($3,000,000).”

 (c) Section 3.5 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

  
 Eighth Amendment to

 Loan and Security Agreement 

  

 “3.5 Unused Line Fee. Borrower shall pay to Lender, on a monthly
basis, an unused line fee at a rate equal to one-half of one percent (0.50%) per annum calculated upon the amount by which Revolving Loan Limit exceeds the average daily principal balance of the outstanding Revolving Loans and Letter of Credit
Accommodations during the immediately preceding month (or part thereof) while this Agreement is in effect and for so long thereafter as any of the Obligations are outstanding, which fee shall be due and payable to Lender on the first day of each
month, in arrears.” 
 (d) Sections 4.2(c) of the Loan Agreement is hereby deleted in its entirety and replaced with
the following: 
 “(c)(i) no Default or Event of Default shall exist or have occurred and be continuing on
and as of the date of the making of such Loan or providing each such Letter of Credit Accommodation and after giving effect thereto and (ii) Lender shall have received a Notification of Draw at least two weeks prior to the date of the making of
such Loan or providing each such Letter of Credit Accommodation. If there are amounts outstanding under the Loan Agreement or there have been any amounts outstanding under the Loan Agreement within the preceding three (3) months as a result of
a previous Notification of Draw, then Borrower will not be required to submit a Notification of Draw to request funding of a Loan.” 
 (e) The introduction in the first sentence of Section 7.7 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“Immediately following delivery to Lender of a Notification of Draw, and from time to time thereafter as requested by
Lender, at the cost and expense of Borrower, and no more than two (2) times in any twelve month period (which number shall be no more than three (3) times in any twelve month period if, as of the applicable date of determination, the sum
of the aggregate outstanding Revolving Loans and Letter of Credit Accommodations hereunder exceeds One Million Dollars ($1,000,000)), and at any time or as many times as Lender may request upon the occurrence and during the continuation of an Event
of Default,” 
 (f) The “Maturity Date” referenced in the first sentence of Section 12.1(a) of the
Loan Agreement is hereby changed to “May 31, 2013”. 
 SECTION 3. Amendment Fee. Borrower shall pay
Lender an amendment fee in the amount of $3,000, which shall be due and payable in full, and fully earned by Lender, on the Amendment Effective Date. 
 SECTION 4. Representations, Warranties and Covenants of Borrower. Borrower represents and warrants to Lender, and agrees that: 

(a) the representations and warranties contained in the Loan Agreement (as amended hereby) and the other outstanding Financing Agreements
are true and correct in all material respects at and as of the date hereof as though made on and as of the date hereof, except (i) to the extent specifically made with regard to a particular date and (ii) for such changes as are a result
of any act or omission specifically permitted under the Loan Agreement (or under any Loan Document), or as otherwise specifically permitted by Lender; 
 (b) on the Amendment Effective Date, after giving effect to this Amendment, no Default or Event of Default will have occurred and be continuing; 

  

EIGHTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

  
 2 

 (c) the execution, delivery and performance of this Amendment have been duly authorized by
all necessary action on the part of, and duly executed and delivered by, Borrower, and this Amendment is a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as the enforcement thereof
may be subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforcement is sought in a
proceeding in equity or at law); and 
 (d) the execution, delivery and performance of this Amendment do not conflict with or
result in a breach by Borrower of any term of any material contract, loan agreement, indenture or other agreement or instrument to which Borrower is a party or is subject. 
 SECTION 5. Conditions Precedent to Effectiveness of Amendment. This Amendment shall become effective (the “Amendment Effective Date”) upon satisfaction of each of the
following conditions: 
 (a) Each of Borrower and Lender shall have executed and delivered to Lender this Amendment, and such
other documents as Lender may reasonably request; 
 (b) PFSweb, Inc. shall have executed and delivered a Reaffirmation of
Guaranty in the form attached to this Amendment; 
 (c) No Default or Event of Default shall have occurred and be continuing;
and 
 (d) All legal matters incident to the transactions contemplated hereby shall be reasonably satisfactory to counsel for
Lender. 
 SECTION 6. Execution in Counterparts. This Amendment may be executed in counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment by telefacsimile, “.pdf file” or other
electronic method of transmission shall be equally as effective as delivery of an originally executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile, “.pdf file” or other
electronic method of transmission also shall deliver an originally executed counterpart of this Amendment but the failure to deliver an originally executed counterpart shall not affect the validity, enforceability, and binding effect of this
Amendment. 
 SECTION 7. Costs and Expenses. Borrower hereby affirms its obligation under Section 9.20
of the Loan Agreement to reimburse Lender for all expenses (including reasonable attorneys’ fees) paid or incurred by Lender in connection with the preparation, negotiation, execution and delivery of this Amendment. 

SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE INTERNAL CONFLICTS OF LAWS PROVISIONS THEREOF. 
 SECTION 9.
Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 
 SECTION 10. Effect of Amendment; Reaffirmation of Financing Agreements. The parties hereto agree and acknowledge that (a) nothing contained in this Amendment in any manner or respect
limits or terminates any of the provisions of the Loan Agreement or the other outstanding Financing 

  

EIGHTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

  
 3 

 
Agreements other than as expressly set forth herein and (b) the Loan Agreement (as amended hereby) and each of the other outstanding Financing Agreements remain and continue in full force
and effect and are hereby ratified and reaffirmed in all respects. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words
of similar import shall mean and be a reference to the Loan Agreement, as amended hereby. 
 SECTION 11. Headings.
Section headings in this Amendment are included herein for convenience of any reference only and shall not constitute a part of this Amendment for any other purposes. 
 SECTION 12. Release. BORROWER HEREBY ACKNOWLEDGES THAT AS OF THE DATE HEREOF IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER
THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER, ITS AFFILIATES AND PARTICIPANTS, OR ANY OF THEIR RESPECTIVE DIRECTORS,
OFFICERS, AGENTS, EMPLOYEES OR ATTORNEYS. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER, ITS AFFILIATES AND PARTICIPANTS, AND THEIR RESPECTIVE PREDECESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND
ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN
EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH BORROWER MAY NOW OR HEREAFTER HAVE AGAINST LENDER AND ITS PREDECESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND
IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE LIABILITIES, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER FINANCING AGREEMENTS, AND
NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT. BORROWER HEREBY COVENANTS AND AGREES NEVER TO INSTITUTE ANY ACTION OR SUIT AT LAW OR IN EQUITY, NOR INSTITUTE, PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF ANY CLAIM, ACTION OR
CAUSE OF ACTION, RIGHTS TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST LENDER, ITS AFFILIATES AND PARTICIPANTS, OR THEIR RESPECTIVE SUCCESSORS, AGENTS, ATTORNEYS, OFFICERS, DIRECTORS, EMPLOYEES, AND PERSONAL AND LEGAL REPRESENTATIVES ARISING ON
OR BEFORE THE DATE HEREOF OUT OF OR RELATED TO LENDER’S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS IN ADMINISTERING, ENFORCING, MONITORING, COLLECTING OR ATTEMPTING TO COLLECT THE OBLIGATIONS OF BORROWER TO LENDER, WHICH OBLIGATIONS
WERE EVIDENCED BY THE LOAN AGREEMENT AND THE OTHER FINANCING AGREEMENTS. 
 [Signature page follows] 

  

EIGHTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered as of the date first above written. 
  

							
		 		 	PFSWEB RETAIL CONNECT, INC., a Delaware corporation formerly known as eCOST.com, Inc., as Borrower
				
		 		 	By:	 	/s/ Thomas Madden
		 		 	 Name:
	 	Thomas Madden
		 		 	 Title:
	 	CFO

  

							
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, acting through its Wells Fargo Business Credit operating division (as successor to Wachovia Bank, National Association
which, in turn, was successor to Congress Financial Corporation (Western)), as Lender
				
		 		 	By:	 	/s/ Paul Truax
		 		 	 Name:
	 	Paul Truax
		 		 	 Title:
	 	Vice President

  

SIGNATURE PAGE TO EIGHTH AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

  
 5 

 Reaffirmation of Guaranty 

The undersigned hereby (i) consents and agrees to the terms and provisions of the foregoing Amendment and each of the transactions
contemplated thereby, and confirms and agrees that all references in the Financing Agreements to the “Loan Agreement” shall mean the Loan Agreement as amended by the foregoing Amendment, and (ii) agrees that that certain Guaranty,
dated as of March 31, 2006 (the “Guaranty”), executed by the undersigned, in favor of Lender, remains in full force and effect and continues to be the legal, valid and binding obligation of the undersigned enforceable against
the undersigned in accordance with its terms. 
 Furthermore, the undersigned hereby agrees and acknowledges that (a) the
Guaranty executed by the undersigned is not subject to any claims, defenses or offsets, (b) nothing contained in the foregoing Amendment shall adversely affect any right or remedy of Lender under the Guaranty executed by the undersigned or any
other agreement executed by the undersigned in connection therewith, (c) the execution and delivery of the foregoing Amendment or any agreement entered into by Lender in connection therewith shall in no way reduce, impair or discharge any
obligations of the undersigned pursuant to the Guaranty executed by the undersigned, and shall not constitute a waiver by Lender of Lender’s rights against the undersigned under the Guaranty executed by the undersigned, (d) the consent of
the undersigned is not required to the effectiveness of the foregoing Amendment and (e) no consent by the undersigned is required for the effectiveness of any future amendment, modification, forbearance or other action with respect to the Loan
Agreement or any present or future Financing Agreement (other than the Guaranty executed by the undersigned). 
  

							
		 		 	PFSWEB, INC.
				
		 		 	By:	 	/s/ Thomas Madden
		 		 	Name:	 	Thomas Madden
		 		 	Title:	 	CFO

 REAFFIRMATION OF GUARANTY

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]