Document:

Exhibit

10.23

 

 

FLORISTS’ TRANSWORLD DELIVERY, INC.

3113 Woodcreek

Drive

Downers Grove, Illinois 60515

 

June 28, 2002

 

FTD.COM INC.

3113 Woodcreek Drive

Downers Grove, Illinois 60515

 

William J. Van Cleave

3113 Woodcreek Drive

Downers Grove, Illinois 60515

 

                                Re:          Modification of Employment

Arrangements

 

Dear Ladies and Gentlemen:

 

                                This

letter agreement (this “Agreement”) sets forth the agreement of

Florists’ Transworld Delivery, Inc., a Michigan corporation (the “Assignee”),

FTD.COM INC., a Delaware corporation (the “Assignor”), and William J.

Van Cleave (the “Executive” and collectively with the Assignee and the

Assignor, the “Parties”) relating to the assignment and assumption of

the Executive’s employment from the Assignor to the Assignee.

 

                                Reference

is made to (i) that certain letter agreement, dated as of May 17, 2000, between

the Assignor and the Executive (the “Letter Agreement”), (ii) that

certain confidentiality and non-disclosure agreement, dated as of May 2000,

between the Assignor and the Executive (the “Confidentiality Agreement”)

and (iii) that certain restricted shares agreement, dated as of May 17, 2000,

between the Assignor and the Executive (the “Equity Award Agreement”).

 

                                Subject to the modifications thereto set

forth in this Agreement, effective as of June 28, 2002  (the “Assignment Date”):

(i) the Assignor hereby assigns all of its rights and obligations arising on

and after the Assignment Date under the Letter Agreement and the

Confidentiality Agreement to the Assignee; (ii) the Assignee hereby assumes all

of the rights and obligations of the Assignor arising on and after the

Assignment Date under the Letter Agreement and the Confidentiality Agreement;

and (iii) the Executive hereby consents and agrees to such assignment and

assumption.

 

                                The

Parties agree that, as of the Assignment Date, the Executive shall no longer be

employed by the Assignor. 

Notwithstanding the foregoing, each of the Parties hereby agrees that

the assignment and assumption described in the preceding paragraph shall not be

deemed to be a  termination of the Executive’s employment by the Assignor for

any purpose whatsoever under the Letter Agreement, the Confidentiality

Agreement or the Equity Award Agreement (including, for purposes hereof, the

Assignor’s 1999 Equity Incentive Plan). 

Furthermore, the assignment and assumption described above shall not

adversely affect the timing of the vesting of restricted shares  under

the Equity Award Agreement.  The

Executive agrees and 

 

 

acknowledges that he  is not entitled to and shall not receive

any severance or other benefits in connection with the assignment and

assumption described above.

 

                                Each

of the Parties hereby agrees that as of the Assignment Date, all references in

the Letter Agreement to “FTD.COM INC.” and “FTD.COM” shall be amended to refer

instead to “Florists’ Transworld Delivery, Inc.”; provided, however,

that all references in the Letter Agreement to “FTD.COM’s 1999 Equity Incentive

Plan” shall remain unchanged by the execution of this Agreement.

 

                                Each

of the Parties hereby agrees that as of the Assignment Date: (i) all references

in the Confidentiality Agreement to “FTD.COM INC.” and “the Company” shall be

amended to refer instead to “Florists’ Transworld Delivery, Inc.”; (ii) the

phrase “relating to the Company, Florists’ Transworld Delivery, Inc., a

Michigan corporation and the direct parent corporation of the Company (‘FTDI’),

or IOS Brands Corporation, a Delaware corporation and the indirect parent

corporation of the Company (‘IOS’)” in Section 1(b) of the Confidentiality

Agreement shall be amended and restated to read “relating to the Company or IOS

Brands Corporation, a Delaware corporation and the direct parent corporation of

the Company (‘IOS’)”; and (iii) all references in the Confidentiality Agreement

to “FTDI” and “FTDI’s” shall be deleted.

 

                                Each

of the Parties hereby agrees that as of the Assignment Date, all references in

the Equity Award Agreement to “the Company” and “FTD.COM Inc.” shall be amended

to refer instead to “Florists’ Transworld Delivery, Inc.”; provided, however,

that all references in the Equity Award Agreement to  “FTD.COM’s 1999 Equity Incentive Plan” shall remain unchanged by

the execution of this Agreement.

 

                                The

Executive hereby acknowledges and agrees that pursuant to the Agreement and

Plan of Merger, dated as of March 3, 2002, among IOS Brands Corporation, a

Delaware corporation (“IOS”), the Assignee, Aroma Acquisition Corp., a

Delaware corporation, and the Assignee (the “Merger Agreement”), upon

consummation of the transactions contemplated thereby, the Equity Award

Agreement shall be assumed by IOS.

 

                                This

Agreement shall be governed by the internal laws of the State of Illinois,

without giving effect to any conflicts-of-law principles thereof.  Each of the Parties consents to the

jurisdiction and venue of any federal or state court located in the City of

Chicago, Illinois, and waive any objection thereto.  Any amendment or modification to this Agreement shall require the

written consent of each of the Parties. 

If any provision of this Agreement is partially or completely invalid or

unenforceable, then that provision shall only be ineffective to such extent of

its invalidity or unenforceability and the remainder of this Agreement shall be

unaffected thereby. In the event of any inconsistency between this Agreement

and the Letter Agreement, the Confidentiality Agreement or the Equity Award

Agreement, this Agreement shall govern. 

Any disputes or controversies relating to this Agreement shall be

settled by the arbitration procedures set forth in the Letter Agreement.

 

2

 

                                This

Agreement may be executed in any number of counterparts, all of which shall be

considered one and the same agreement, and shall become effective when one or

more counterparts have been signed by each of the Parties and delivered to the

other Parties.  A facsimile signature

page hereto shall be deemed to be an original signature page for all purposes

hereunder.

 

 

	

   

  	

  FLORISTS’

  TRANSWORLD DELIVERY, INC.

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ LARRY JOHNSON

  
	

   

  	

  Name:  Larry

  Johnson

  
	

   

  	

  Its: Vice President, Human Resources

  

 

 

AGREED TO AND ACCEPTED as of the

date first written above:

 

	

  EXECUTIVE

  
	

   

  	

   

  
	

  By:

  	

  /s/  WILLIAM

  J. VAN CLEAVE

  
	

   

  	

   

  
	

  Name: 

  William J. Van Cleave

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  FTD.COM

  INC.

  
	

   

  	

   

  
	

  By:

  	

  /s/ MICHAEL SOENEN

  
	

   

  	

   

  
	

  Name: 

  Michael Soenen

  
	

   

  	

   

  
	

  Its: 

  President and CEO

  
	

   

  	

   

  

 

 

3Exhibit

10.24

 

 

FLORISTS’ TRANSWORLD DELIVERY, INC.

3113 Woodcreek

Drive

Downers Grove, Illinois 60515

 

June 28, 2002

 

FTD.COM INC.

3113 Woodcreek Drive

Downers Grove, Illinois 60515

 

Ann Hofferberth

3113 Woodcreek Drive

Downers Grove, Illinois 60515

 

                                Re:          Modification of Employment

Arrangements

 

Dear Ladies and Gentlemen:

 

                                This

letter agreement (this “Agreement”) sets forth the agreement of

Florists’ Transworld Delivery, Inc., a Michigan corporation (the “Assignee”),

FTD.COM INC., a Delaware corporation (the “Assignor”), and Ann

Hofferberth (the “Executive” and collectively with the Assignee and the

Assignor, the “Parties”) relating to the assignment and assumption of

the Executive’s employment from the Assignor to the Assignee.

 

                                Reference

is made to (i) that certain letter agreement, dated as of January 8, 2001,

between the Assignor and the Executive (the “Letter Agreement”), (ii)

that certain confidentiality and non-disclosure agreement, dated as of January

8, 2001, between the Assignor and the Executive (the “Confidentiality

Agreement”) and (iii) that certain nonqualified stock option agreement,

dated as of January 8, 2001, between the Assignor and the Executive (the “Equity

Award Agreement”).

 

                                Subject to the modifications thereto set

forth in this Agreement, effective as of June 28, 2002  (the “Assignment Date”):

(i) the Assignor hereby assigns all of its rights and obligations arising on

and after the Assignment Date under the Letter Agreement and the

Confidentiality Agreement to the Assignee; (ii) the Assignee hereby assumes all

of the rights and obligations of the Assignor arising on and after the

Assignment Date under the Letter Agreement and the Confidentiality Agreement;

and (iii) the Executive hereby consents and agrees to such assignment and assumption.

 

                                The Parties agree that, as of the

Assignment Date, the Executive shall no longer be employed by the

Assignor.  Notwithstanding the

foregoing, each of the Parties hereby agrees that the assignment and assumption

described in the preceding paragraph shall not be deemed to be a  termination

of the Executive’s employment by the Assignor for any purpose whatsoever under

the Letter Agreement, the Confidentiality Agreement or the

Equity Award Agreement (including, for purposes hereof, the Assignor’s 1999

Equity Incentive Plan).  Furthermore,

the assignment and assumption described above shall not adversely affect the

timing of the right to 

 

 

 

exercise the Option (as defined in the Equity Award Agreement) under

the Equity Award Agreement.  The Executive

agrees and acknowledges that she is not entitled to and shall not receive any

severance or other benefits in connection with the assignment and assumption

described above.

 

                                Each

of the Parties hereby agrees that as of the Assignment Date, all references in

the Letter Agreement to “FTD.COM INC.” and “FTD.COM” shall be amended to refer

instead to “Florists’ Transworld Delivery, Inc.”; provided, however,

that all references in the Letter Agreement to “FTD.COM’s 1999 Equity Incentive

Plan” shall remain unchanged by the execution of this Agreement.

 

                                Each

of the Parties hereby agrees that as of the Assignment Date: (i) all references

in the Confidentiality Agreement to “FTD.COM INC.” and “the Company” shall be

amended to refer instead to “Florists’ Transworld Delivery, Inc.”; (ii) the

phrase “relating to the Company, Florists’ Transworld Delivery, Inc., a

Michigan corporation and the direct parent corporation of the Company (‘FTDI’),

or IOS Brands Corporation, a Delaware corporation and the indirect parent

corporation of the Company (‘IOS’)” in Section 1(b) of the Confidentiality

Agreement shall be amended and restated to read “relating to the Company or IOS

Brands Corporation, a Delaware corporation and the direct parent corporation of

the Company (‘IOS’)”; and (iii) all references in the Confidentiality Agreement

to “FTDI” and “FTDI’s” shall be deleted.

 

                                Each

of the Parties hereby agrees that as of the Assignment Date, all references in

the Equity Award Agreement to “the Company” and “FTD.COM Inc.” shall be amended

to refer instead to “Florists’ Transworld Delivery, Inc.”; provided, however,

that all references in the Equity Award Agreement to  “FTD.COM’s 1999 Equity Incentive Plan” shall remain unchanged by

the execution of this Agreement.

 

                                The

Executive hereby acknowledges and agrees that pursuant to the Agreement and

Plan of Merger, dated as of March 3, 2002, among IOS Brands Corporation, a

Delaware corporation (“IOS”), the Assignee, Aroma Acquisition Corp., a

Delaware corporation, and the Assignee (the “Merger Agreement”), upon

consummation of the transactions contemplated thereby, the Equity Award

Agreement shall be assumed by IOS.

 

                                This

Agreement shall be governed by the internal laws of the State of Illinois,

without giving effect to any conflicts-of-law principles thereof.  Each of the Parties consents to the

jurisdiction and venue of any federal or state court located in the City of

Chicago, Illinois, and waive any objection thereto.  Any amendment or modification to this Agreement shall require the

written consent of each of the Parties. 

If any provision of this Agreement is partially or completely invalid or

unenforceable, then that provision shall only be ineffective to such extent of

its invalidity or unenforceability and the remainder of this Agreement shall be

unaffected thereby. In the event of any inconsistency between this Agreement

and the Letter Agreement, the Confidentiality Agreement or the Equity Award

Agreement, this Agreement shall govern. 

Any disputes or controversies relating to this Agreement shall be

settled by the arbitration procedures set forth in the Letter Agreement.

 

2

 

                                This

Agreement may be executed in any number of counterparts, all of which shall be

considered one and the same agreement, and shall become effective when one or

more counterparts have been signed by each of the Parties and delivered to the

other Parties.  A facsimile signature

page hereto shall be deemed to be an original signature page for all purposes

hereunder.

	

   

  	

   

  	

   

  
	

   

  	

  FLORISTS’

  TRANSWORLD DELIVERY, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ LARRY JOHNSON

  
	

   

  	

  Name:  Larry

  Johnson

  
	

   

  	

  Its:  Vice

  President, Human Resources

  
	

   

  	

   

  	

   

  

 

AGREED TO AND ACCEPTED as of the

date first written above:

 

	

  EXECUTIVE

  
	

   

  
	

   

  	

   

  
	

  By:

  	

  /s/ ANN HOFFERBERTH

  
	

  Name:  Ann

  Hofferberth

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  FTD.COM

  INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

  By:

  	

  /s/ MICHAEL SOENEN

  
	

  Name: 

  Michael Soenen

  
	

  Its: 

  President and CEO

  

 

3

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