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

          (ii) The Corporation shall not effect a merger or consolidation with
          any other corporation or corporations unless as a result of such
          merger or consolidation and after giving effect thereto holders of
          Series A Shares are entitled to receive a per share amount and type of
          consideration equal to the product arrived at by multiplying the
          Adjustment Number by the per share amount and type of consideration
          received by holders of shares of Common Stock, or (1) either (A) the
          Corporation shall be the surviving corporation or (B) if the
          Corporation is not the surviving corporation, the successor
          corporation shall be a corporation duly organized and existing under
          the laws of any state of the United States of America or the District
          of Columbia, and all obligations of the Corporation with respect to
          the Series A Shares shall be assumed by successor corporation, (2) the
          Series A Shares then outstanding shall continue to be outstanding, and
          (3) there shall be no alteration or change in the designation or the
          preferences, relative rights or limitations applicable to outstanding
          Series A Shares prejudicial to the holders thereof.

         (iii) The Corporation shall not amend, alter or repeal any of the
provisions of its Certificate of Incorporation in any manner which adversely
affects the relative rights, preferences or limitations of the Series A Shares
or the holders thereof.

         Section G. Certain Restrictions.

                  (1) Whenever quarterly dividends or other dividends or
distributions payable on the Series A Shares as provided in Section A are in
arrears, thereafter and until