PFSWEB, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

Debt and Capital Lease Maturities

The Company’s aggregate maturities of debt subsequent to December 31, 2010 are as follows (in thousands):

Fiscal year ended December 31,
2011		$	17,515
2012			1,229
2013			242
2014			35
Thereafter			—
Total		$	19,021

     The following is a schedule of the Company’s future minimum lease payments under the capital leases together with the present value of the net minimum lease payments as of December 31, 2010 (in thousands):

Fiscal year ended December 31,
2011		$	866
2012			439
2013			217
Thereafter			—
Total minimum lease payments		$	1,522
Less amount representing interest at rates ranging from 4.7% to 12.0%			(87	)
Present value of net minimum lease payments			1,435
Less: Current portion			(805	)
Long-term capital lease obligations		$	630

5. Stock and Stock Options

Preferred Stock Purchase Rights

     On June 8, 2000, and as amended, the Company’s Board of Directors declared a dividend distribution of one preferred stock purchase right (a “Right”) for each share of the Company’s common stock outstanding on July 6, 2000 and each share of common stock issued thereafter. Each Right entitles the registered shareholders to purchase from the Company one one-thousandth of a share of preferred stock at an exercise price of $314.90, subject to adjustment. The Rights are not currently exercisable, but would become exercisable if certain events occurred relating to a person or group acquiring or attempting to acquire 23 percent or more of the Company’s outstanding shares of common stock. The Rights expire on July 6, 2015, unless redeemed, exchanged or extended by the Company.

Employee Stock Purchase Plan

     The Company offered the PFSweb Employee Stock Purchase Plan (the “Stock Purchase Plan”) that was qualified under Section 423 of the Internal Revenue Code of 1986, to provide employees of the Company an opportunity to acquire a proprietary interest in the Company. The Stock Purchase Plan permitted each U.S. employee who completed 90 days of service to elect to participate in the plan. Eligible employees could elect to contribute with after-tax dollars up to a maximum annual contribution of $25,000. The Stock Purchase Plan provided for acquisition of the Company’s common stock at a 5% discount to the market value on the date of purchase. During the years ended December 31, 2010 and 2009, the Company issued 2,793 and 17,070 shares under the Stock Purchase Plan, respectively. The 2,793 shares issued in 2010 related to 2009 contributions. The Company terminated the Stock Purchase Plan effective January 1, 2010.

Stock Options and Stock Option Plans

     The Company recognizes compensation cost for all share-based payments based on the grant date fair value. Compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award.