Document:

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                                                                    EXHIBIT 10.6

                      2005 PERFORMANCE PROFIT SHARING PLAN

Employees of the Company are eligible to receive cash profit sharing based on
the 2005 year-end results of RTW, Inc. and its Subsidiary. All employees of the
Company are eligible to participate in this program. Under the program, a
portion of plan pre-tax earnings and pre-tax earnings in excess of planned
results, excluding investment income, are contributed to a general pool and
distributed in 2006. Profit sharing amounts will be distributed as a percentage
(%) of salary and on a discretionary basis to employees. Any profit sharing plan
payment will be made annually after completing the year-end audit.

Executive officers, additionally, earn stock options based upon exceeding the
company's pre-tax, pre-profit sharing pre-investment income earnings plan for
2005 and are eligible for an additional discretionary bonus. Executives are
eligible for a fixed number of options, pro-rated on a sliding scale, in excess
of the profit plan, up to a maximum level. Any stock option grant will be made
annually after completing the 2005 year-end audit.<PAGE>
                                                                  EXHIBIT 10.8.4

   DESCRIPTION OF THE REINSURANCE AGREEMENT FOR 2005 BETWEEN ACIC AND GENERAL
               REINSURANCE CORPORATION EFFECTIVE JANUARY 1, 2005

The Company, on behalf of American Compensation Insurance Company (ACIC), its
wholly owned subsidiary, entered into reinsurance contracts for the fiscal year
beginning January 1, 2005. The following summarizes the significant terms of
these reinsurance agreements.

LIABILITY OF THE REINSURER

The Reinsurers shall pay to ACIC, with respect to Workers' Compensation and
Employers' Liability Business, the amount of Net Loss for each Occurrence, as
defined in the contracts, in excess of ACIC's retention, but not exceeding the
Limits of Liability of the Reinsurer as follows:

<TABLE>
<CAPTION>
LOSS LAYER                          REINSURER                                 COMMENT
<S>                                 <C>                                       <C>
$4,000,000 excess $1,000,000        General Reinsurance Corporation           Non Minnesota losses

$5,000,000 excess $5,000,000        General Reinsurance Corporation           Non Minnesota losses

$10,000,000 excess $10,000,000      General Reinsurance Corporation           Non Minnesota losses.
                                                                              Net loss for any
                                                                              one employee shall
                                                                              not exceed
                                                                              $10,000,000

Excess of $20,000,000                                                         100% retained by ACIC
                                                                              Non Minnesota losses
</TABLE>

COMMENCEMENT AND TERMINATION

The agreements shall apply to new and renewal policies of ACIC becoming
effective at and after 12:01 A.M., January 1, 2005, and to policies in force at
12:01 A.M., January 1, 2005, with respect to losses resulting from occurrences
taking place at or after the aforesaid time and date.

Parties may terminate these agreements at any December 31st by sending to the
other, by registered mail to its principal office, not less than 90 days prior
written notice. The Reinsurer may also terminate the agreements in the event of
significant adverse events at ACIC or in the event of a change in control of
ACIC or RTW, Inc.

REINSURANCE PREMIUM

ACIC agreed to pay the reinsurers based on premiums earned for each Loss layer
as shown above. These rates are similar to the rates that we paid in 2004.<PAGE>
                                                                   EXHIBIT 10.10

                                  (WCRA LOGO)

                                      2005
                           CERTIFICATE OF REINSURANCE
                                    for the
                            AGREEMENT OF REINSURANCE
                                  between the
                 WORKERS' COMPENSATION REINSURANCE ASSOCIATION
                                      and
                                    RTW INC
                American Compensation Insurance Company 0030392

COVERAGE PERIOD: January 1, 2005 - December 31, 2005   RETENTION LIMIT: $380,000
                 (12:01 a.m. Standard Time)

This certifies that the entities named above are Members of the Workers'
Compensation Reinsurance Association (WCRA), and that the WCRA reinsures the
Members' liability during the indicated coverage period for benefits pursuant to
Minn. Stat. Ch. 176 in excess of the Members' retention limit for the period
indicated above. This certificate provides for coverage in accordance with the
terms and conditions of the Reinsurance Agreement approved by the Commissioner
of the Minnesota Department of Labor and Industry on January 4, 2005. This
certificate shall not be valid for any portion of the indicated period during
which an entity is not a Member of the Association.

                                    /s/ CARL W. CUMMINS III
                                    Carl W. Cummins III
                                    President and Chief Executive Officer
                                    Dated: January 5, 2005

                Workers' Compensation Reinsurance Association(R)
           Suite 1700, 400 Robert Street North, Saint Paul, MN 55101
               Phone: 651.293.0999 Fax: 651.229.1848 www.wcra.biz<PAGE>
                                                                   EXHIBIT 10.13

   DESCRIPTION OF THE REINSURANCE AGREEMENT FOR 2005 BETWEEN ACIC AND AMERICAN
      REINSURANCE COMPANY, ASPEN INSURANCE LTD. AND MAX RE LTD. EFFECTIVE
                                JANUARY 1, 2005

The Company, on behalf of American Compensation Insurance Company (ACIC), its
wholly owned subsidiary, entered into reinsurance contracts for the fiscal year
beginning January 1, 2005. The following summarizes the significant terms of
these reinsurance agreements.

LIABILITY OF THE REINSURER

The Reinsurers shall pay to ACIC, with respect to Workers' Compensation and
Employers' Liability Business, the amount of Net Loss for each Occurrence, as
defined in the contracts, in excess of ACIC's retention, but not exceeding the
Limits of Liability of the Reinsurer as follows:

<TABLE>
<CAPTION>
LOSS LAYER                        REINSURER                         COMMENT
<S>                               <C>                               <C>
$800,000 excess of $200,000       42.5% American Reinsurance Co.    *
                                  35.0% Max Re Ltd.
                                  22.5% Aspen Insurance Ltd.
</TABLE>

   * All business written by the Company.
     Recoveries from the MN WCRA will inure to the benefit of this treaty

COMMENCEMENT AND TERMINATION

The agreement shall apply to new and renewal policies of ACIC becoming effective
at and after 12:01 A.M., January 1, 2005, and to policies in force at 12:01
A.M., January 1, 2005, with respect to losses resulting from Occurrences taking
place at or after the aforesaid time and date.

Parties may terminate these agreements at any December 31st by sending to the
other, by registered mail to its principal office, not less than 90 days prior
written notice. The Reinsurer may also terminate the agreements in the event of
significant adverse events at ACIC or in the event of a change in control of
ACIC or RTW, Inc.

REINSURANCE PREMIUM

ACIC agreed to pay the reinsurers based on premiums earned for the Loss layer as
shown above. This rate is in excess of the rate that we paid in 2004.exv10w45

 

March 28, 2005

 
Exhibit 10.45

Polly E. Boe

5676 Highland Park Court

Salt Lake City, Utah 84121

Re: Employment Terms

Dear Polly:

On behalf of RedEnvelope (“Company”), I am very pleased to offer you employment as the Company’s
Chief Financial Officer.

You will report directly to me, and will work in our San Francisco office. The position of Chief
Financial Officer is exempt. Your primary high-level duties in this position will include the
management of the Company’s financial planning, reporting and accounting practices. You
will also be responsible for any other projects or assignments as directed by the President and
Chief Executive Officer. At all times during employment with the Company, you will devote your full
energies, abilities and productive business time to the performance of your job for the Company and
will not engage in any activity that would in any way interfere or conflict with the full
performance of any of your duties for the Company.

You will receive an annualized salary of $250,000, less applicable payroll deductions and all
required withholdings, in accordance with the Company’s regular payroll practices. In addition, we
will reimburse up to $30,000 of your expenses of moving your household from the Salt Lake City,
Utah area to the San Francisco Bay area (including expenses of selling your home) and provide up to
three months of temporary housing to accommodate you and your family during your relocation.

Commencing on the month following your start date, you will be eligible to participate in the
Company’s standard benefits package. You will also be eligible for the Company’s standard PTO and
holiday benefits. The Company may modify or cancel benefits from time to time, as it deems
appropriate in its sole discretion.

In addition, we will recommend that the Board of Directors of the Company (“Board”) grant you an
option to purchase 60,000 shares of the Company’s common stock. The specific characteristics,
terms and conditions of the option mentioned above will be set forth in the option plan and grant
documentation to follow after approval by the Board; provided, however, that options to purchase
15,000 shares shall vest upon your start date. Provided you continue to be employed by the
Company, one thirty-sixth of the remaining options shall vest in equal monthly installments over
the three-year period thereafter.

Your employment with the Company is for no specified duration and may be terminated either by you
or the Company at any time and for any reason whatsoever, with or without cause or advance notice.
The Company also retains the right to make all other decisions concerning your employment (e.g.,
changes to your position, title, level, responsibilities, compensation, job duties, reporting
structure, work location, work schedule, goals or any other managerial

 

 

decisions) at any time, with
or without cause or advance notice, as it deems appropriate in its sole discretion. This at-will
employment relationship cannot be changed except in writing signed by you and the Company’s Chief Executive Officer. If the Company
terminates your employment without cause, in exchange for you signing a general release of any and
all claims, the Company will pay you severance in the total amount of six months of your base
salary, less applicable payroll deductions and all required withholdings. In addition, the Company
will reimburse you for six months of premiums to continue your and your dependents’ health care
insurance coverage under COBRA, if you elect to continue such coverage. This severance amount will
be paid in biweekly installments, less applicable payroll deductions and all required withholdings,
in accordance with the Company’s regular payroll schedule, during the six calendar months following
the termination of your employment.

As used in this agreement, “cause” shall mean material nonperformance or misconduct in the
performance of your duties and responsibilities as an employee, indictment for a felony or another
crime involving fraud or dishonesty, or theft or misappropriation of assets of the Company having
more than nominal value.

Your employment with the Company is contingent on your having signed the Company’s standard
employee confidentiality and invention assignment agreement prior to your start date, providing
satisfactory proof of your right to work in the United States as required by law, and on the
Company’s verification of your qualifications, background, experience and references. You will
comply at all times with all Company policies, rules and procedures as they may be established,
stated and/or modified from time to time at the Company’s sole discretion.

Prior to your first day of work with the Company, you will have previously returned any
confidential, proprietary or trade secret information belonging to any prior employer and will not
use such information in your employment with the Company. You will also strictly adhere to the
terms of any lawful restrictive covenants entered into between you and any prior employers.

Except as specified below, to the fullest extent allowed by law, any and all disputes, claims or
controversies of any kind arising out of or related in any way to hiring, employment or the
termination of employment with the Company (including without limitation any statutory or common
law claims against the Company or any of its agents or employees) shall be fully and finally
resolved through binding arbitration, before a neutral arbitrator, pursuant to the California
Arbitration Act, California Code of Civil Procedure section 1280, et seq. You and the Company
therefore waive any right to a jury trial on any such claims or matters. Any arbitration between
the parties will be conducted before the American Arbitration Association (“AAA”) in San Francisco,
California, under the AAA’s then existing national rules for the resolution of employment disputes,
as modified in any respect necessary to comply with the requirements of California law for
enforcement of arbitration agreements regarding employment-related disputes. This arbitration
provision shall not apply to any claims for injunctive or other similar equitable relief. Before
commencing any arbitration proceedings, any dispute between you and the Company or any of its
agents or employees shall first be submitted, in writing, to the Company’s Human Resource Officer
(or if none, to the head of Finance & Accounting) for a good faith attempt at resolution.

 

 

This letter sets forth the entire agreement between you and the Company on the terms of your
employment with the Company and supersedes any prior representations, understandings, promises or
agreements, whether oral or written, by anyone regarding employment with the Company. The
employment terms in this letter may only be modified in a writing signed by both you and the
Company’s Chief Executive Officer.

If you wish to accept employment with the Company under the terms described above, please sign and
date this letter and return it to me at your earliest convenience. If you accept our offer, we
would like you to start with us on April 18, 2005 or as soon thereafter as possible.

Polly, we are excited at the prospect of you joining our team and look forward to working with you.

Sincerely,

RedEnvelope, Inc.

	 	 	 
	By:

	 	/s/ Alison May
	

	 	Alison May
 

	Title:

	 	President and Chief Executive Officer

ACCEPTED AND AGREED:

POLLY E. BOE

	 	 	 
	/s/ Polly Boe

	 	March 28, 2005
	 

	 	 
	Signature

	 	Date

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