Document:

exv10w55

 

Exhibit 10.55

February 10, 2006

Frank Buettner

[home address]

Re: Employment Terms

Dear Frank:

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

You will report directly to the Company’s Chief Executive Officer and will work primarily in our
San Francisco office. The position of Chief Operating Officer is exempt. Your primary duties in
this position will include the management of the Company’s fulfillment center, customer service
center and its information technology, sourcing and logistics operations. You will also
be responsible for any other projects or assignments as directed by the 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 begin work on or before March 13, 2006.

You will receive an annualized salary of $285,000 and a sign-on bonus of $50,000 (to be paid within
30 days of the day you report for work), 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 Stoughton, Wisconsin
area to the San Francisco Bay area, reimburse up to $20,000 of your and your family’s expenses of
traveling between your current homes and San Francisco during 2006, and provide temporary housing
to accommodate you and your family until November 1, 2006.

You will also be eligible to receive an annual bonus to paid as soon as practicable following the
Company’s announcement of its financial results for its 2007 fiscal year. You will be eligible for
a bonus in an amount between 50% and 100% of your salary, but the actual amount of your bonus will
be determined by performance criteria that apply to you and to the Company that will be determined
by the Company’s Board of Directors in its sole discretion. Consequently, there can be no guarantee
that you will receive a bonus in any particular amount or at all.

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 Paid Time
Off and holiday benefits. The Company may modify or cancel benefits from time to time, as it deems
appropriate in its sole discretion, except that your Paid Time Off benefits may not be reduced to
less than four weeks per year.

 

 

In addition, we will recommend that the Board of Directors of the Company (“Board”) grant you an
option to purchase 125,000 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
31,250 shares shall vest after six months of your employment with the Company, and, so long as you
continue to be employed by the Company, the remaining options shall vest in equal monthly
installments over the forty-two month period thereafter. In the event the Company terminates your
employment without cause (as defined below) within twelve months following a change of control of
the Company, 100% of any remaining unvested options under this grant will immediately vest.

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 twelve months of your base salary, less applicable payroll deductions and all required
withholdings. In addition, the Company will reimburse you for twelve 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 shall also be deemed terminated by the Company without
cause if, during the 90 days following a material diminution of your title, primary duties or base
salary, you voluntarily terminate your employment with the Company.

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.

Frank, 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:

Frank Buettner

	 	 	 
	/s/ Frank Buettner

	 	2.13.06 
	Signature

	 	Dateexv10w1

 

Exhibit 10.1

COMMERCE BANCSHARES, INC.

	 	 	 
	 

	 	Commerce Bancshares, Inc.
	 

	 	ID: 430889454
	Stock Appreciation Rights

	 	1000 Walnut Street
	Agreement

	 	Kansas City, Missouri 64106
	 
	 	 
	Participant

	 	SAR Number:                     
	<<Name>>
	 	 
	<<Street address>>

	 	ID:<<SSN>>
	<<City>> <<State>> <<Zip Code>>
	 	 

Effective                      under the Commerce Bancshares, Inc. (the “Company”) 2005 Equity Incentive Plan (the
“Plan”), you have been granted stock appreciation rights (SAR) pertaining to                      shares of
Company $5.00 par value Common Stock (“Common Stock”) at an Exercise Price of $                    per share,
which is the closing price on the grant date.

The total exercise price of the fully vested SAR granted is $                     .

This SAR will become vested and subject to exercise, in whole or in part, and will expire according
to the schedule shown below:

	 	 	 	 	 	 	 
	Shares	 	Vest Type	 	Full Vest	 	Expiration
	<<# of shares>>

	 	On Vest Date
	 	<<date>>
	 	<<date>>
	<<# of shares>>

	 	On Vest Date
	 	<<date>>
	 	<<date>>
	<<# of shares>>

	 	On Vest Date
	 	<<date>>
	 	<<date>>
	<<# of shares>>

	 	On Vest Date
	 	<<date>>
	 	<<date>>

ADDITIONAL
TERMS AND CONDITIONS

WHEREAS, the Participant is an Employee of the Company and the Company desires to encourage the
Employee to own Shares as an incentive to advance the interests of the Company and in furtherance
thereof Company wishes to grant the Participant a Stock Appreciation Right (“SAR”) under terms and
conditions established by the Board of Directors.

NOW, THEREFORE, in consideration of these premises, the parties agree that the following, along
with the terms and conditions set forth in the Plan, shall constitute the Agreement between the
Company and the Participant:

	 	1.	 	Definitions. Capitalized terms used in this Agreement but not defined herein
shall have the meaning set forth in the Plan.
	 
	 	2.	 	Grant and Exercise of SAR. Subject to the terms and conditions set forth in this
Agreement and in the Plan, the Company hereby grants to the Participant a SAR that
relates to the stock appreciation, if any, as described above. The stock appreciation
for the SAR is the amount by which the Fair Market Value of the underlying Shares on
the date of exercise of this SAR exceeds the Exercise Price of the SAR. Upon exercise
of all

 

 

or any portion of the SAR, the Participant shall receive the stock appreciation with
respect to the portion of the SAR exercised, payable to the Participant in Shares,
based on the Fair Market Value of the Shares on the date of exercise. This SAR shall
vest and become exercisable as follows:

	 	(a)	 	25% of the SAR on and after one year from the grant date;
	 
	 	(b)	 	an additional 25% of the SAR on and after two years from the
grant date;
	 
	 	(c)	 	an additional 25% of the SAR on and after three years from the
grant date; and
	 
	 	(d)	 	the remaining 25% of the SAR on and after four years from the
grant date, so that all the SAR granted in this paragraph and not previously
exercised shall become exercisable, provided however that this SAR shall expire
ten years from the grant date or upon other events as otherwise provided in the
Plan after which no portion of the SAR shall be exercisable.

3. Notice of Exercise.

	 	(a)	 	Subject to the provisions of Paragraph 2 above, the Participant
may exercise part or all of the exercisable SAR by giving written notice to the
Company at the address provided above, specifying the number of Shares as to
which the SAR is to be exercised.
	 
	 	(b)	 	All obligations of the Company under this Agreement shall be
subject to the rights of the Company to withhold amounts required for any taxes,
if applicable. The Participant may elect to satisfy any tax withholding
obligation of the Company with respect to the SAR by having Shares withheld up
to an amount that does not exceed the minimum applicable withholding tax rate
for federal (including FICA), state and local tax liabilities.

	4.	 	Restrictions on Transfer or Other Dispositions. No SAR may be transferred or
otherwise disposed of except as provided in the Plan.
	 
	5.	 	Issue of Shares. The Company shall not be required to issue or transfer any
certificates for Shares upon exercise of this SAR until all applicable requirements of
law have been complied with and such Shares shall have been duly listed on any
securities exchange on which the Shares may then be listed.
	 
	6.	 	Change in Capital Structure. This SAR shall not affect the right of the Company
or any Affiliate thereof to reclassify, recapitalize or otherwise change its capital or
debt structure or to merge, consolidate, convey any or all of its assets, dissolve,
liquidate, windup, or otherwise reorganize. The Exercise Price and the number of shares covered by this SAR will be adjusted to reflect any change in capital structure
associated with a stock split or dividend.
	 
	7.	 	Change in Control. In the event there is a Change of Control of the Company,
any unexercised portion of this SAR shall become immediately exercisable and all
restrictions shall be removed at the time of a Change in Control.

2

 

	8.	 	Committee Authority. Any questions concerning the interpretation of this
Agreement or the Plan, and any controversy which arises under this Agreement or the
Plan shall be settled by the Committee in its sole discretion. All determinations and
decisions of the Committee shall be final, conclusive, and binding on all persons, and
shall be given the maximum deference permitted by law.
	 
	9.	 	Plan Controls. The terms of this Agreement are governed by the terms of the
Plan and in the case of any inconsistency between the terms of this Agreement and the
terms of the Plan, the terms of the Plan shall control.
	 
	10.	 	Notice. Whenever any notice is required or permitted hereunder, such notice
must be in writing and personally delivered or sent by mail. Any notice required or
permitted to be delivered hereunder shall be deemed to be delivered on the date which
it was personally delivered, or, whether actually received or not, on the third
business day after it is deposited in the United States mail, certified or registered,
postage prepaid, addressed to the person who is to receive it at the address which such
person has theretofore specified by written notice delivered in accordance herewith.
The Company or Participant may change, at any time and from time to time, by written
notice to the other, the address previously specified for receiving notices. Until
changed in accordance herewith, the Company and the Participant specify their
respective addresses as shown above.
	 
	11.	 	Information Confidential. As partial consideration for the granting of this
SAR, the Participant agrees that he will keep confidential all information and
knowledge that he has relating to the manner and amount of his participation in the
Plan, provided, however, that such information may be disclosed as required by law and
may be given in confidence to the Participant’s spouse, tax and financial advisors, or
to a financial institution of the extent that such information is necessary to secure a
loan.
	 
	12.	 	Governing Law. Where applicable, the provisions of this Agreement shall be
governed by the contract law of the State of Missouri.

 

By your signature and the Company’s signature below, you and the Company agree that this SAR
is granted under and governed by the terms and conditions of the Plan as amended and the SAR
Agreement.

	 	 	 
	 
	Commerce Bancshares, Inc.

	 	Date
	 
	 	 
	 
	Grantee

	 	Date

3

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