X0303 4 2010-11-11 0 0000897893 PEERLESS SYSTEMS CORP PRLS 0001456326 Frankfurt Robert C/O PEERLESS SYSTEMS CORPORATION 2361 ROSECRANS AVENUE, SUITE 440 EL SEGUNDO CA 90254 1 0 0 0 Options to acquire common stock 3.02 2010-11-11 4 A 0 10000 A 2010-11-11 Common stock 10000 10000 D Twenty-five percent (25%) of the shares subject to such option shall vest and become exercisable on November 11, 2011 (the completion of one year of service measured from the grant date). The balance of the shares subject to such option shall vest and become exercisable in a series of thirty-six (36) successive equal monthly installments upon completion of each additional month of service until all of the options are vested. All options were received in consideration for Mr. Frankfurt's service as a director of the Company. /s/ Robert Frankfurt 2010-11-19