Document:

Prepared by MerrillDirect

Exhibit 10.11

June 14, 2001

 

Mr.
Michael J. Soenen

FTD.COM INC.

3113 Woodcreek Drive

Downers Grove, Illinois  60515

Dear
Mike:

             This letter agreement (this
"Agreement") sets forth the terms of your employment with FTD.COM
INC. ("FTD.COM"), and replaces and supercedes your prior employment
agreement dated May 17, 2000.

             Duties.  You shall serve as an officer of FTD.COM or
in a substantially similar position with any entity that acquires FTD.COM or
all or substantially all of FTD.COM's assets (other than IOS BRANDS Corporation
("IOS") or Florists' Transworld Delivery, Inc. ("FTDI") or
any of their other direct or indirect subsidiaries) through May 17, 2003 and
shall perform the duties assigned by FTD.COM from time to time.  You shall devote your entire business time
to the affairs of FTD.COM, to the performance of your duties under this
Agreement and to the promotion of FTD.COM's interests.

             Compensation.  As full compensation for the performance by
you of your duties under this Agreement, FTD.COM shall compensate you as
follows:

(a)         Salary.  FTD.COM shall pay to you a salary of
$250,000 per year, payable in the periodic installments ordinarily paid by
FTD.COM to employees of FTD.COM at comparable levels to you.  You shall be entitled to such merit
increases in base salary as the FTD.COM Board of Directors may determine, in
its discretion.

(b)        Performance
Bonus.  You shall be entitled to
participate in a performance bonus as set by the Board of Directors based upon
performance criteria to be set by the Board. 
If your employment with FTD.COM is terminated for any reason other than
"cause" (as defined below under "Severance") following a
Change in Control (as defined below), you shall be entitled to received a pro
rata bonus for the applicable fiscal year if you are entitled to one based upon
the performance criteria set by the Board.

(c)         Equity
Incentive Awards.  You have been
entitled to participate in the IOS and FTD.COM equity incentive plans and any
stock options or restricted stock awards granted to you, including any granted
prior to the date hereof, shall be deemed to include vesting provisions that
accelerate the vesting of any unvested awards upon the occurrence of a Change
of Control (as defined below).

(d)        Paid
Vacation.  You shall be entitled to
four weeks of paid vacation per year in accordance with FTD.COM's policies with
respect to vacations then in effect.

(e)         Benefits.  You shall be entitled to the additional
employment-related benefits that are made available from time to time to
employees of FTD.COM at comparable levels to you.

(f)         Expense
Reimbursement.  FTD.COM shall
reimburse you, in accordance with the practice from time to time in effect for
other employees of FTD.COM, for all reasonable and necessary travel expenses
and other disbursements incurred by you, for or on behalf of FTD.COM, in the
performance of your duties under this Agreement.

             Immediate Vesting of Awards and
Forgiveness of Indebtedness Upon Change of Control.

             In the event a Change of Control
occurs during your employment, notwithstanding any provision of this Agreement
or any other agreement governing any equity incentive awards held by you, any
outstanding stock options or restricted stock awards granted by IOS, FTDI,
FTD.COM or any other FTD company shall vest in full and become immediately
exercisable, and any restrictions relating thereto shall lapse, upon the
occurrence of such Change of Control. 
In addition, upon the occurrence of a Change of Control, any secured
indebtedness owed by you to FTD.COM shall be released and discharged in
full.  For purposes of this agreement,
"Change of Control" shall mean:

(a)         the
acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the "Exchange
Act")) (a "Person") of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the
combined voting power of the then-outstanding voting securities entitled to
vote generally in the election of directors ("Voting Stock") of IOS,
FTDI or FTD.COM, respectively; provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change of
Control:  (i) any acquisition
directly from IOS, FTDI or FTD.COM, (ii) any acquisition by IOS, FTDI or
FTD.COM, any subsidiary of IOS, FTDI or FTD.COM or any employee benefit plan
(or related trust) sponsored or maintained by IOS, FTDI or FTD.COM or any such
subsidiary or (iii) any acquisition by any of Perry Acquisition Partners,
L.P., Bain Capital, Inc., Fleet Private Equity Co. Inc. or any of their
respective affiliates;

(b)        a
change in a majority of the members of the Board of Directors of IOS, FTDI or
FTD.COM, respectively, occurs (i) within one year following the public
announcement of an actual or threatened election contest (within the meaning of
Rule 14a-11 under the Exchange Act) or the filing of a Schedule 13D or other
public announcement indicating a Person intends to effect a change in control
of IOS, FTDI or FTD.COM or (ii) as a result of a majority of the members
of the Board having been proposed, designated or nominated by a Person (other
than IOS, FTDI or FTD.COM through their respective Boards of Directors or duly
authorized committees thereof or through the exercise of contractual rights);

(c)         consummation
of a reorganization, merger or consolidation or sale or other disposition of
all or substantially all of the assets of IOS, FTDI or FTD.COM (a
"Business Combination"), in each case, unless, following such
Business Combination, (i) more than 50% of the Voting Stock of the entity
resulting from such Business Combination is held in the aggregate by
(A) the holders of securities entitled to vote generally in the election
of directors of IOS, FTDI or FTD.COM immediately prior to such transaction,
(B) any employee benefit plan (or related trust) sponsored or maintained
by IOS, FTDI or FTD.COM or such entity or any subsidiary of any of them or
(C) any of Perry Acquisition Partners, L.P., Bain Capital, Inc., Fleet
Private Equity Co. Inc. or any of their respective affiliates and (ii) at
least half of the members of the board of directors of the entity resulting
from such Business Combination were members of the Board of Directors of IOS,
FTDI or FTD.COM at the time of the execution of the initial agreement, or the
action of the Board of Directors of IOS, FTDI or FTD.COM, providing for such
Business Combination; or

(d)        approval
by the stockholders of IOS, FTDI or FTD.COM of a complete liquidation or
dissolution of IOS, FTDI or FTD.COM.

             Severance.  FTD.COM shall have the right to terminate
your employment by giving you written notice of the effective date of the
termination.  If your employment is
terminated (a) without "cause" by FTD.COM or (b) by you
following your assignment to a position that represents a material diminution
in your operating responsibilities (it being understood that a change in your
title shall not by itself entitle you to terminate your employment and receive
the right to severance payments under this paragraph), FTD.COM will pay you
continued salary for one year from the effective date of any such termination
under clause (a) or (b) above ("Termination Date") and any pro
rata bonus to which you may be entitled pursuant to this Agreement.  FTD.COM's severance obligations are subject
to your best efforts to mitigate, and you will promptly notify FTD.COM of any
subsequent employment.  In addition to
the foregoing continued salary payments, on the Termination Date, FTD.COM shall
cause you to be entitled to accelerated vesting of any options to purchase
capital stock of FTD.COM or any subsidiary (with unrestricted rights to
exercise any such stock options) and vesting of all capital stock of FTD.COM or
any subsidiary subject to forfeiture under restricted stock awards in the same
manner and extent as would be the case in the event of a Change of
Control.  Your participation (including
dependent coverage) in any life, disability, group health and dental benefit
plans provided by FTD.COM, in effect immediately prior to the Termination Date,
shall be continued after the Termination Date, in accordance with FTD.COM
policy relating to such plans as of the Termination Date, until the earlier of
(i) the end of the one-year severance period or (ii) the date on
which you accept other full-time employment. 
Following the Termination Date, FTD.COM shall not be obligated to
(1) provide business accident insurance covering you or (2) make
contributions on your behalf to any qualified retirement and pension plans or
profit sharing plans.

             For purposes of this
Agreement, "cause" means any of the following events that FTD.COM or
the FTD.COM Board of Directors has determined, in good faith, has occurred:
(i) your continual or deliberate neglect of the performance of your material
duties; (ii) your failure to devote substantially all of your working time
to the business of FTD.COM and its subsidiaries or affiliated companies;
(iii) your engaging willfully in misconduct in connection with the
performance of any of your duties, including, without limitation, the
misappropriation of funds or securing or attempting to secure personally any
profit in connection with any transaction entered into on behalf of FTD.COM or
its subsidiaries or affiliated companies; (iv) your willful breach of any
confidentiality or nondisclosure agreements with FTD.COM (including this
Agreement) or your violation, in any material respect, of any code or standard
of behavior generally applicable to employees or executive employees of
FTD.COM; (v) your violation of the separate confidentiality and
non-competition agreement described below and attached hereto as Exhibit A;
or (vi) your engaging in conduct that results in material injury to the
reputation of FTD.COM or its subsidiaries or affiliated companies such as
conviction for a felony or crime involving fraud under Federal, state or local
laws, or embezzlement.

             Confidential Information and
Non-Competition.  You agree to enter
into a separate agreement with FTD.COM (attached hereto as Exhibit A)
that provides for (a) non-disclosure of confidential information,
(b) non-competition and (c) non-solicitation of customers, suppliers
and employees.  This Agreement shall not
be effective until you have executed and delivered such agreement to FTD.COM.

             Tax Matters.    Upon the occurrence of a Change of Control
during your employment, FTD.COM shall be obligated to make "gross up
payments" to the extent required by law to cover certain tax obligations
in the manner contemplated by Exhibit B hereto.

             Miscellaneous.  This Agreement shall be governed by the
internal laws of the State of Illinois, excluding the conflicts-of-law
principles thereof.  You and FTD.COM
consent to jurisdiction and venue in any federal or state court in the City of
Chicago.  This Agreement and the
accompanying Exhibit A and B state our entire agreement and
understanding regarding your employment with FTD.COM.  This agreement may be amended only by a written document signed
by both you and FTD.COM.  No delay or
failure to exercise any right under this Agreement waives such rights under the
Agreement.  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 validity or enforceability of any other provision of
this Agreement shall not be affected. 
Any controversy relating to this Agreement shall be settled by
arbitration in Chicago, Illinois in accordance with the Commercial Arbitration
Rules of the American Arbitration Association, except as otherwise provided in
the Confidentiality and Non-Competition agreement attached hereto as Exhibit A.  In the event of any inconsistency between
this Agreement and any personnel policy or manual of FTD.COM with respect to
any matter, this Agreement shall govern the matter.  You shall be entitled to be reimbursed for your reasonable costs
and expenses, including attorneys' fees, incurred in connection with the
enforcement of your rights under this Agreement to the extent that you prevail
in any such controversy.

 

	 	Sincerely,
	 	 
	 	/s/ RICHARD C. PERRY
	 	 
	 	Richard C. Perry
	 	Director
	 	FTD.COM INC.

 

	Accepted as of this	 
	14th day of June, 2001	 
	 	 
	/s/ MICHAEL J. SOENEN

	 
	Michael J. SoenenPrepared by MerrillDirect

 

 

 

Exhibit 10.12

June 14, 2001

 

 

 

Ms.
Carrie A. Wolfe

FTD.COM INC.

3113 Woodcreek Drive

Downers Grove, Illinois  60515

Dear
Carrie:

             This letter agreement (this
"Agreement") sets forth the terms of your employment with FTD.COM
INC. ("FTD.COM").

             Duties.  You shall serve as an officer of FTD.COM or
in a substantially similar position with any entity that acquires FTD.COM or
all or substantially all of FTD.COM's assets (other than Florists' Transworld
Delivery, Inc. or IOS BRANDS Corporation or any of their other direct or
indirect subsidiaries) through June 14, 2003 and shall perform the duties
assigned by FTD.COM from time to time. 
You shall devote your entire business time to the affairs of FTD.COM, to
the performance of your duties under this Agreement and to the promotion of
FTD.COM's interests.

             Compensation.  As full compensation for the performance by
you of your duties under this Agreement, FTD.COM shall compensate you as
follows:

             (a)         Salary.  During the term of this Agreement, FTD.COM
shall pay to you a salary of $140,000 per year, payable in the periodic
installments ordinarily paid by FTD.COM to employees of FTD.COM at comparable
levels to you.  You shall be entitled to
such merit increases in base salary as the Board of Directors may determine, in
its discretion.

             (b)        Performance
Bonus.  You shall be entitled to
participate in a performance bonus as set by the Board of Directors based upon
performance criteria to be set by the Board. 
If your employment with FTD.COM is terminated for any reason other than
"cause" (as defined below under "Severance") following a
Change in Control (as defined in FTD.COM's 1999 Equity Incentive Plan), you
shall be entitled to received a pro rata bonus for the applicable fiscal year
if you are entitled to one based upon the performance criteria set by the
Board.

             (c)         Paid Vacation. 
You shall be entitled to four weeks of paid vacation per year in
accordance with FTD.COM's policies with respect to vacations then in effect.

             (d)        Benefits.  You shall be entitled to the additional
employment-related benefits that are made available from time to time to
employees of FTD.COM at comparable levels to you.

             (e)         Expense
Reimbursement.  FTD.COM shall
reimburse you, in accordance with the practice from time to time in effect for
other employees of FTD.COM, for all reasonable and necessary travel expenses
and other disbursements incurred by you, for or on behalf of FTD.COM, in the
performance of your duties under this Agreement.

             Severance.  FTD.COM shall have the right to terminate your
employment by giving you written notice of the effective date of the
termination.  If your employment is
terminated without "cause" by FTD.COM, FTD.COM will pay you continued
salary for one year from the effective date of any such termination of employment
and any pro rata bonus to which you may be entitled pursuant to this
Agreement.  FTD.COM's severance
obligations are subject to your best efforts to mitigate.  FTD.COM shall have no further obligation
hereunder.

             For purposes of this Agreement,
"cause" means any of the following events that FTD.COM or the FTD.COM
Board of Directors has determined, in good faith, has occurred: (i) your
continual or deliberate neglect of the performance of your material duties;
(ii) your failure to devote substantially all of your working time to the
business of FTD.COM and its subsidiaries or affiliated companies;
(iii) your engaging willfully in misconduct in connection with the
performance of any of your duties, including, without limitation, the
misappropriation of funds or securing or attempting to secure personally any
profit in connection with any transaction entered into on behalf of FTD.COM or
its subsidiaries or affiliated companies; (iv) your willful breach of any
confidentiality or nondisclosure agreements with FTD.COM (including this
Agreement) or your violation, in any material respect, of any code or standard
of behavior generally applicable to employees or executive employees of
FTD.COM; (v) your active disloyalty to FTD.COM, including, without limitation,
willfully aiding a competitor or improperly disclosing confidential
information; or (vi) your engaging in conduct that may reasonably result
in material injury to the reputation of FTD.COM, including conviction or entry
of a plea of nolo contendre for a felony or any crime involving fraud under
Federal, state or local laws, embezzlement, bankruptcy, insolvency or general
assignment for the benefit of creditors.

             Confidential Information and
Non-Competition.  You agree to enter
into a separate agreement with FTD.COM (attached hereto as Exhibit A)
that provides for (i) non-disclosure of confidential information,
(ii) non-competition and (iii) non-solicitation of customers,
suppliers and employees.  This Agreement
shall not be effective until you have executed and delivered such agreement to
the Company.

             Limitation on Payments and
Benefits.  Notwithstanding any other
provision of this Agreement to the contrary, in the event that it shall be
determined (as hereafter provided) that any payment or distribution by FTD.COM
or any of its affiliates to you or for your benefit, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise pursuant to or by reason of any other agreement, policy, plan,
program or arrangement, including without limitation any stock option,
performance share, performance unit, stock appreciation right or similar right,
or the lapse or termination of any restriction on or the vesting or
exercisability of any of the foregoing, would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the
"Code") (or any successor provision thereto), by reason of being
considered "contingent on a change in ownership or control" of
FTD.COM within the meaning of Section 280G of the Code (or any successor
provision thereto), or to any similar tax imposed by state or local law, or any
interest or penalties with respect to such taxes, then such payments and
benefits to be paid or provided shall be reduced to an amount (but not below
zero) that would result in the maximum possible net after tax receipts to you
from all such payments or distributions (determined by reference to the present
value determined in accordance with Section 280G(d)(4) of the Code (or any
successor provision thereto) of all such payments net of all such taxes, or any
interest or penalties with respect to such taxes, determined by applying the
highest marginal rate under Section 1 of the Code (or any successor
provision thereto) that applied to your taxable income for the immediately
preceding taxable year) (the "Reduced Amount").  The fact that your payments or benefits may
be reduced by reason of the limitations contained in this paragraph will not of
itself limit or otherwise affect any of your other rights other than pursuant
to this Agreement.  If it is determined
that you should receive a Reduced Amount, FTD.COM will provide you notice to
that effect and a copy of the detailed calculation thereof.  You will then be entitled to designate the
payments or benefits to be so reduced in order to give effect to this
paragraph.  In the event that you fail
to make such designation within ten business days of notification of the
reduction in payments or benefits is required pursuant to this paragraph, FTD.COM
may effect such reduction in any manner it deems appropriate.

             Miscellaneous.  This Agreement shall be governed by the
internal laws of the State of Illinois, excluding the conflicts-of-law
principles thereof.  You and FTD.COM
consent to jurisdiction and venue in any federal or state court in the City of
Chicago.  This Agreement and the
accompanying Exhibit A state our entire agreement and understanding
regarding your employment with FTD.COM. 
This agreement may be amended only by a written document signed by both
you and FTD.COM.  No delay or failure to
exercise any right under this Agreement waives such rights under the
Agreement.  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 validity or enforceability of any other provision of
this Agreement shall not be affected. 
Any controversy relating to this Agreement shall be settled by
arbitration in Chicago, Illinois in accordance with the Commercial Arbitration
Rules of the American Arbitration Association, except as otherwise provided in
the Confidentiality and Non-Competition agreement attached hereto as Exhibit A.  In the event of any inconsistency between
this Agreement and any personnel policy or manual of FTD.COM with respect to
any matter, this Agreement shall govern the matter.

	 	Sincerely,
	 	 
	 	/s/ RICHARD C. PERRY
	 	 
	 	Richard C. Perry
	 	Chairman of the Board
	 	 	 	 
	 	 	 	 
	 	Accepted as of this	 	 
	 	14th day of June, 2001	 	 
	 	 	 	 
	 	 	 	 
	 	/s/ CARRIE A. WOLFE	 	 
	 	

	 	 
	 	Carrie A. Wolfe

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