SEC Filings Section 16 Filings Only
 
PFSWEB INC filed this 8-A12G on 06/14/2000.
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                                                                             A-6

assets available to permit payment in full of the Common Adjustment, then any
such remaining assets shall be distributed ratably to the holders of Common
Stock. 

         (3) In the event the Corporation shall at any time after July 6, 2000
(i) declare any dividend on Common Stock payable in shares of Common Stock, (ii)
subdivide the outstanding Common Stock, or (iii) combine the outstanding Common
Stock into a smaller number of shares, then in each such case the Adjustment
Number in effect immediately prior to such event shall be adjusted by
multiplying such Adjustment Number by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

         Section D. Sinking Fund. The Series A Shares shall not be entitled to
the benefit of any sinking fund for the redemption or purchase of such shares.

         Section E. Conversion.

         (1) Subject to paragraph (2) of this Section E, the Series A Shares
shall not be convertible.

         (2) In case the Corporation shall enter into any consolidation, merger,
combination or other transaction in which the shares of Common Stock are
exchanged for or changed into other stock or securities, cash and/or any other
property, then in any such case the Series A Shares shall at the same time be
similarly exchanged or changed in an amount per share (subject to the provision
for adjustment hereinafter set forth) equal to 1,000 times the aggregate amount
of stock, securities, cash and/or any other property (payable in kind), as the
case may be, into which or for which each share of Common