Document:

<PAGE>

                                                                     EXHIBIT 4.6

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE
OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

Warrant No. PSF-3                                      Number of Shares: 235,080
Date of Issuance: October 15, 2002                     (subject to adjustment)

                                REDENVELOPE, INC.

                    SERIES F PREFERRED STOCK PURCHASE WARRANT

         RedEnvelope, Inc. (the "Company"), for value received, hereby certifies
that Lighthouse Capital Partners III, L.P., or its registered assigns (the
"Registered Holder"), is entitled, subject to the terms set forth below, to
purchase from the Company, at any time after the date hereof and on or before
the Expiration Date (as defined in Section 7 below), up to 235,080 shares of
Series F Preferred Stock of the Company ("Series F Preferred Stock"), at a
purchase price of $0.63808 per share. The shares purchasable upon exercise of
this Warrant and the purchase price per share, as adjusted from time to time
pursuant to the provisions of this Warrant, are hereinafter referred to as the
"Warrant Stock" and the "Purchase Price," respectively.

         1.       EXERCISE.

                  (a)      MANNER OF EXERCISE. This Warrant may be exercised by
the Registered Holder, in whole or in part, by surrendering this Warrant, with
the purchase/exercise form appended hereto as Exhibit A duly executed by such
Registered Holder or by such Registered Holder's duly authorized attorney, at
the principal office of the Company, or at such other office or agency as the
Company may designate, accompanied by payment in full of the Purchase Price
payable in respect of the number of shares of Warrant Stock purchased upon such
exercise. The Purchase Price may be paid by cash, check, wire transfer or by the
surrender of promissory notes or other instruments representing indebtedness of
the Company to the Registered Holder.

                  (b)      EFFECTIVE TIME OF EXERCISE. Each exercise of this
Warrant shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the
Company as provided in Section 1(a) above. Notwithstanding the foregoing, in the
event that this Warrant is submitted for exercise in connection with an
underwritten public offering pursuant to a registration statement under the
Securities Act of 1933, as amended (the "Securities Act") or a Disposition Event
(as defined in Section 7(b) below), the exercise will be conditioned on, and
will be effected immediately prior to, the occurrence of such public offering or
Disposition Event. At such time, the person or persons in whose name or names
any certificates for Warrant Stock shall be issuable upon such exercise as
provided in Section 1(d) below shall be deemed to have become the holder or
holders of record of the Warrant Stock represented by such certificates.

<PAGE>

                  (c)      NET ISSUE EXERCISE.

                           (i)      In lieu of exercising this Warrant in the
manner provided above in Section 1(a), the Registered Holder may elect to
receive shares equal to the value of this Warrant (or the portion thereof being
canceled) by surrender of this Warrant at the principal office of the Company
together with notice of such election on the purchase/exercise form appended
hereto as Exhibit A duly executed by such Registered Holder or such Registered
Holder's duly authorized attorney, in which event the Company shall issue to
such Registered Holder a number of shares of Warrant Stock computed using the
following formula:

                                        Y (A - B)
                                    X = ---------
                                            A

Where             X = The number of shares of Warrant Stock to be issued to the
                        Registered Holder.

                  Y = The number of shares of Warrant Stock purchasable under
                        this Warrant (at the date of such calculation).

                  A = The fair market value of one share of Warrant Stock (at
                        the date of such calculation).

                  B = The Purchase Price (as adjusted to the date of such
                        calculation).

                           (ii)     For purposes of this Section 1(c), the fair
market value of Warrant Stock on the date of calculation shall mean with respect
to each share of Warrant Stock:

                                    (A)      if the exercise is in connection
with an initial public offering of the Common Stock of the Company (the "Common
Stock"), and if the Company's Registration Statement relating to such public
offering has been declared effective by the Securities and Exchange Commission,
then the fair market value shall be the product of (x) the initial "Price to
Public" per share specified in the final prospectus with respect to the offering
and (y) the number of shares of Common Stock into which each share of Warrant
Stock is convertible at the date of calculation;

                                    (B)      if this Warrant is exercised after,
and not in connection with, the Company's initial public offering, and the
Company's Common Stock is traded on a securities exchange or The Nasdaq Stock
Market or actively traded over the counter:

                                             (1)      if the Company's Common
Stock is traded on a securities exchange or The Nasdaq Stock Market, the fair
market value shall be deemed to be the product of (x) the average of the closing
prices over a 30-day period ending three days before the date of calculation and
(y) the number of shares of Common Stock into which each share of Warrant Stock
is convertible on such date; or

                                             (2)      if the Company's Common
Stock is actively traded over the counter, the fair market value shall be deemed
to be the product of (x) the average of the

                                      -2-

<PAGE>

closing bid or sales price (whichever is applicable) over the 30-day period
ending three days before the date of calculation and (y) the number of shares of
Common Stock into which each share of Warrant Stock is convertible on such date;
or

                  (C)      if neither (A) nor (B) is applicable, the fair market
value of Warrant Stock shall be at the highest price per share which the Company
could obtain on the date of calculation from a willing buyer (not a current
employee or director) for shares of Warrant Stock sold by the Company, from
authorized but unissued shares, as determined in good faith by the Board of
Directors, unless the Company is at such time subject to an acquisition as
described in Section 7(b) below, in which case the fair market value of Warrant
Stock shall be deemed to be the value received by the holders of such stock
pursuant to such acquisition.

                  (d)      DELIVERY TO REGISTERED HOLDER. As soon as practicable
after the exercise of this Warrant in whole or in part, and in any event within
ten (10) days thereafter, the Company at its expense will cause to be issued in
the name of, and delivered to, the Registered Holder, or as such Registered
Holder (upon payment by such Registered Holder of any applicable transfer taxes)
may direct:

                           (i)      a certificate or certificates for the number
of shares of Warrant Stock to which such Registered Holder shall be entitled,
and

                           (ii)     in case such exercise is in part only, a new
warrant or warrants (dated the date hereof) of like tenor, calling in the
aggregate on the face or faces thereof for the number of shares of Warrant Stock
equal (without giving effect to any adjustment therein) to the number of such
shares called for on the face of this Warrant minus the number of such shares
purchased by the Registered Holder upon such exercise as provided in Section
1(a) or 1(c) above.

         2.       ADJUSTMENTS.

                  (a)      REDEMPTION OR CONVERSION OF PREFERRED STOCK. If all
of the Series F Preferred Stock is redeemed or converted into shares of Common
Stock, then this Warrant shall automatically become exercisable for that number
of shares of Common Stock equal to the number of shares of Common Stock that
would have been received if this Warrant had been exercised in full and the
shares of Preferred Stock received thereupon had been simultaneously converted
into shares of Common Stock immediately prior to such event, and the Exercise
Price shall be automatically adjusted to equal the number obtained by dividing
(i) the aggregate Purchase Price of the shares of Preferred Stock for which this
Warrant was exercisable immediately prior to such redemption or conversion, by
(ii) the number of shares of Common Stock for which this Warrant is exercisable
immediately after such redemption or conversion.

                  (b)      STOCK SPLITS AND DIVIDENDS. If outstanding shares of
the Company's Series F Preferred Stock shall be subdivided into a greater number
of shares or a dividend in Series F Preferred Stock shall be paid in respect of
Series F Preferred Stock, the Purchase Price in effect immediately prior to such
subdivision or at the record date of such dividend shall simultaneously with the
effectiveness of such subdivision or immediately after the record date of such
dividend be proportionately reduced. If outstanding shares of Series F Preferred
Stock shall

                                      -3-

<PAGE>

be combined into a smaller number of shares, the Purchase Price in effect
immediately prior to such combination shall, simultaneously with the
effectiveness of such combination, be proportionately increased. When any
adjustment is required to be made in the Purchase Price, the number of shares of
Warrant Stock purchasable upon the exercise of this Warrant shall be changed to
the number determined by dividing (i) an amount equal to the number of shares
issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Purchase Price in effect immediately prior to such adjustment,
by (ii) the Purchase Price in effect immediately after such adjustment.

                  (c)      RECLASSIFICATION, ETC. In case there occurs any
reclassification or change of the outstanding securities of the Company or of
any reorganization of the Company (or any other corporation the stock or
securities of which are at the time receivable upon the exercise of this
Warrant) or any similar corporate reorganization on or after the date hereof,
then and in each such case the Registered Holder, upon the exercise hereof at
any time after the consummation of such reclassification, change, or
reorganization shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise hereof prior to such
consummation, the stock or other securities or property to which such Registered
Holder would have been entitled upon such consummation if such Registered Holder
had exercised this Warrant immediately prior thereto, all subject to further
adjustment pursuant to the provisions of this Section 2.

                  (d)      ADJUSTMENT CERTIFICATE. When any adjustment is
required to be made in the Warrant Stock or the Purchase Price pursuant to this
Section 2, the Company shall promptly mail to the Registered Holder a
certificate setting forth (i) a brief statement of the facts requiring such
adjustment, (ii) the Purchase Price after such adjustment and (iii) the kind and
amount of stock or other securities or property into which this Warrant shall be
exercisable after such adjustment.

                  (e)      ACKNOWLEDGEMENT. In order to avoid doubt, it is
acknowledged that the holder of this Warrant shall be subject to all adjustments
in the number of shares of Common Stock of the Company issuable upon conversion
of the Series F Preferred Stock of the Company which occur prior to the exercise
of this Warrant, including without limitation, any change in the number of
shares of Common Stock issuable upon conversion of the Series F Preferred Stock
as a result of a change in the Series F Conversion Price as set forth in the
Company's Amended and Restated Certificate of Incorporation.

         3.       TRANSFERS.

                  (a)      UNREGISTERED SECURITY. Each holder of this Warrant
acknowledges that this Warrant, the Warrant Stock and the Common Stock of the
Company have not been registered under the Securities Act, and agrees not to
sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant, any Warrant Stock issued upon its exercise or any Common Stock issued
upon conversion of the Warrant Stock in the absence of (i) an effective
registration statement under the Securities Act as to this Warrant, such Warrant
Stock or such Common Stock and registration or qualification of this Warrant,
such Warrant Stock or such Common Stock under any applicable U.S. federal or
state securities law then in effect, or (ii) an opinion of counsel, satisfactory
to the Company, that such registration and qualification are not

                                      -4-

<PAGE>

required. Each certificate or other instrument for Warrant Stock issued upon the
exercise of this Warrant shall bear a legend substantially to the foregoing
effect.

                  (b)      TRANSFERABILITY. Subject to the provisions of
Sections 3(a) and 6 hereof, this Warrant and all rights hereunder are
transferable, in whole or in part, upon surrender of the Warrant with a properly
executed assignment (in the form of Exhibit B hereto) at the principal office of
the Company; provided, however, that this Warrant may not be transferred in
whole or in part without the prior written consent of the Company.

                  (c)      WARRANT REGISTER. The Company will maintain a
register containing the names and addresses of the Registered Holders of this
Warrant. Until any transfer of this Warrant is made in the warrant register, the
Company may treat the Registered Holder of this Warrant as the absolute owner
hereof for all purposes; provided, however, that if this Warrant is properly
assigned in blank, the Company may (but shall not be required to) treat the
bearer hereof as the absolute owner hereof for all purposes, notwithstanding any
notice to the contrary. Any Registered Holder may change such Registered
Holder's address as shown on the warrant register by written notice to the
Company requesting such change.

         4.       NO IMPAIRMENT. The Company will not, by amendment of its
charter or through reorganization, consolidation, merger, dissolution, sale of
assets or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will (subject to Section 14
below) at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in order
to protect the rights of the holder of this Warrant against impairment.

         5.       REPRESENTATIONS AND WARRANTIES OF THE REGISTERED HOLDER. The
Registered Holder hereby represents and warrants to the Company that:

                  (a)      AUTHORIZATION. The Registered Holder has full power
and authority to enter into this Warrant. The Warrant, when executed and
delivered by the Registered Holder, will constitute a valid and legally binding
obligation of the Registered Holder, enforceable in accordance with its terms,
except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, and any other laws of general application
affecting enforcement of creditors' rights generally, and as limited by laws
relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

                  (b)      PURCHASE ENTIRELY FOR OWN ACCOUNT. This Warrant is
issued to the Registered Holder in reliance upon the Registered Holder's
representation to the Company, which by the Registered Holder's acceptance of
this Warrant, the Registered Holder hereby confirms, that the Warrant to be
acquired by the Registered Holder, the Warrant Stock and the Common Stock to be
issued upon the conversion of the Warrant Stock (collectively, the "Securities")
will be acquired for investment for the Registered Holder's own account, not as
a nominee or agent, and not with a view to the resale or distribution of any
part thereof, and that the Registered Holder has no present intention of
selling, granting any participation in, or otherwise distributing the same. By
accepting this Warrant, the Registered Holder further represents that the
Registered Holder does not presently have any contract, undertaking,

                                      -5-

<PAGE>

agreement or arrangement with any person to sell, transfer or grant
participations to such person or to any third person, with respect to any of the
Securities. The Registered Holder has not been formed for the specific purpose
of acquiring the Securities.

                  (c)      DISCLOSURE OF INFORMATION. The Registered Holder has
had an opportunity to discuss the Company's business, management, financial
affairs and the terms and conditions of the offering of the Securities with the
Company's management and has had an opportunity to review the Company's
facilities. The Registered Holder understands that such discussions, as well as
any written information delivered by the Company to the Registered Holder, were
intended to describe the aspects of the Company's business which it believes to
be material.

                  (d)      RESTRICTED SECURITIES. The Registered Holder
understands that the Securities have not been, and will not be, registered under
the Securities Act, by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Registered
Holder's representations as expressed herein. The Registered Holder understands
that the Securities are "restricted securities" under applicable U.S. federal
and state securities laws and that, pursuant to these laws, the Registered
Holder must hold the Securities indefinitely unless they are registered with the
Securities and Exchange Commission and qualified by state authorities, or an
exemption from such registration and qualification requirements is available.
The Registered Holder acknowledges that the Company has no obligation to
register or qualify the Securities for resale, except as may be set forth in the
Company's Amended and Restated Investors' Rights Agreement, with respect to the
Common Stock issuable upon conversion of the Series F Preferred Stock issuable
upon exercise of this Warrant. The Registered Holder further acknowledges that
if an exemption from registration or qualification is available, it may be
conditioned on various requirements including, but not limited to, the time and
manner of sale, the holding period for the Securities, and on requirements
relating to the Company which are outside of the Registered Holder's control,
and which the Company is under no obligation and may not be able to satisfy.

                  (e)      NO PUBLIC MARKET. The Registered Holder understands
that no public market now exists for any of the securities issued by the
Company, and that the Company has made no assurances that a public market will
ever exist for the Securities.

                  (f)      ACCREDITED INVESTOR. The Registered Holder is an
accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.

         6.       LOCK-UP AGREEMENT.

                  (a)      LOCK-UP PERIOD; AGREEMENT. In connection with the
initial public offering of the Company's securities and upon request of the
Company or the underwriters managing such offering of the Company's securities,
the Registered Holder agrees not to sell, make any short sale of, loan, grant
any option for the purchase of, or otherwise dispose of any securities of the
Company (other than those included in the registration) without the prior
written consent of the Company or such underwriters, as the case may be, for
such period of time (not to

                                      -6-

<PAGE>

exceed 180 days) from the effective date of such registration as may be
requested by the Company or such managing underwriters and to execute an
agreement reflecting the foregoing as may be requested by the underwriters at
the time of the Company's initial public offering.

                  (b)      STOP-TRANSFER INSTRUCTIONS. In order to enforce the
foregoing covenants, the Company may impose stop-transfer instructions with
respect to the securities of the Registered Holder (and the securities of every
other person subject to the restrictions in Section 6(a)).

                  (c)      TRANSFEREES BOUND. The Registered Holder agrees that
it will not transfer securities of the Company unless each transferee agrees in
writing to be bound by all of the provisions of this Warrant, including without
limitation Section 6.

         7.       TERMINATION. This Warrant (and the right to purchase
securities upon exercise hereof) shall terminate upon the earliest to occur of
the following (the "Expiration Date"): (a) October 15, 2007, (b) the sale,
conveyance or disposal of all or substantially all of the Company's property or
business or the Company's merger with or into or consolidation with any other
corporation (other than a wholly-owned subsidiary of the Company) or any other
transaction or series of related transactions in which more than fifty percent
(50%) of the voting power of the Company is disposed of, provided that this
Section 7 shall not apply to a merger effected exclusively for the purpose of
changing the domicile of the Company or to an equity financing in which the
Company is the surviving corporation (any such event, a "Disposition Event"), or
(c) two (2) years following the closing of a firm commitment underwritten public
offering pursuant to a registration statement under the Securities Act.

         8.       NOTICES OF CERTAIN TRANSACTIONS. In case:

                  (a)      the Company shall take a record of the holders of its
Preferred Stock (or other stock or securities at the time deliverable upon the
exercise of this Warrant) for the purpose of entitling or enabling them to
receive any dividend or other distribution, or to receive any right to subscribe
for or purchase any shares of stock of any class or any other securities, or to
receive any other right, or

                  (b)      of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the surviving entity), or any
transfer of all or substantially all of the assets of the Company, or

                  (c)      of the voluntary or involuntary dissolution,
liquidation or winding-up of the Company, or

                  (d)      of any redemption of the Preferred Stock or mandatory
conversion of the Preferred Stock into Common Stock of the Company,

then, and in each such case, the Company will mail or cause to be mailed to the
Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and

                                      -7-

<PAGE>

character of such dividend, distribution or right, or (ii) the effective date on
which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation, winding-up, redemption or conversion is to take place,
and the time, if any is to be fixed, as of which the holders of record of
Preferred Stock (or such other stock or securities at the time deliverable upon
such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation, winding-up, redemption or conversion) are to be
determined. Such notice shall be mailed at least ten (10) days prior to the
record date or effective date for the event specified in such notice.

         9.       RESERVATION OF STOCK. The Company will at all times reserve
and keep available, solely for the issuance and delivery upon the exercise of
this Warrant, such shares of Warrant Stock and other stock, securities and
property, as from time to time shall be issuable upon the exercise of this
Warrant.

         10.      EXCHANGE OF WARRANTS. Upon the surrender by the Registered
Holder of any Warrant or Warrants, properly endorsed, to the Company at the
principal office of the Company, the Company will, subject to the provisions of
Section 3 hereof, issue and deliver to or upon the order of such Registered
Holder, at the Company's expense, a new Warrant or Warrants of like tenor, in
the name of such Registered Holder or as such Registered Holder (upon payment by
such Registered Holder of any applicable transfer taxes) may direct, calling in
the aggregate on the face or faces thereof for the number of shares of Preferred
Stock called for on the face or faces of the Warrant or Warrants so surrendered.

         11.      REPLACEMENT OF WARRANTS. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

         12.      NO RIGHTS AS STOCKHOLDER. Until the exercise of this Warrant,
the Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company.

         13.      NO FRACTIONAL SHARES. No fractional shares of Series F
Preferred Stock (or Common Stock, as the case may be) will be issued in
connection with any exercise hereunder. In lieu of any fractional shares which
would otherwise be issuable, the Company shall pay cash equal to the product of
such fraction multiplied by the fair market value of one share of Series F
Preferred Stock (or Common Stock, as the case may be) on the date of exercise,
as determined in good faith by the Company's Board of Directors.

         14.      AMENDMENT OR WAIVER. Any term of this Warrant may be amended
or waived only by an instrument in writing signed by the party against which
enforcement of the amendment or waiver is sought.

                                      -8-

<PAGE>

         15.      HEADINGS. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any
provision of this Warrant.

         16.      VOTING AGREEMENT. At the request of the Company, the
Registered Holder agrees to become a party to the Company's Amended and Restated
Voting Agreement upon exercise of the Warrant.

         17.      GOVERNING LAW. This Warrant shall be governed, construed and
interpreted in accordance with the laws of the State of California, without
giving effect to principles of conflicts of law.

         18.      SURVIVAL OF REPRESENTATIONS. Unless otherwise set forth in
this Warrant, the warranties, representations and covenants of the Company and
the Purchasers contained in or made pursuant to this Warrant shall survive the
execution and delivery of this Warrant.

         19.      TRANSFER; SUCCESSORS AND ASSIGNS. The terms and conditions of
this Warrant shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Warrant, express or
implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Warrant, except as expressly provided in
this Warrant.

         20.      COUNTERPARTS. This Warrant may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

         21.      ATTORNEY'S FEES. If any action at law or in equity (including
arbitration) is necessary to enforce or interpret the terms of any of this
Warrant, the prevailing party shall be entitled to reasonable attorney's fees,
costs and necessary disbursements in addition to any other relief to which such
party may be entitled.

         22.      SEVERABILITY. If one or more provisions of this Warrant are
held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a
mutually agreeable and enforceable replacement for such provision, then (a) such
provision shall be excluded from this Warrant, (b) the balance of this Warrant
shall be interpreted as if such provision were so excluded and (c) the balance
of this Warrant shall be enforceable in accordance with its terms.

         23.      DELAYS OR OMISSIONS. No delay or omission to exercise any
right, power or remedy accruing to any party under this Warrant, upon any breach
or default of any other party under this Warrant, shall impair any such right,
power or remedy of such non-breaching or non-defaulting party nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor
shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit,
consent or approval of any kind or character on the part of any party of any
breach or default under this Warrant, or any waiver on the part of any party of
any provisions or conditions of this Warrant, must be in writing and shall

                                      -9-

<PAGE>

be effective only to the extent specifically set forth in such writing. All
remedies, either under this Warrant or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

         24.      NOTICES. Any notice required or permitted by this Warrant
shall be in writing and shall be deemed sufficient upon delivery, when delivered
personally or by overnight courier or sent by facsimile, or 48 hours after being
deposited in the U.S. mail, as certified or registered mail, with postage
prepaid, addressed to the party to be notified at such party's address as set
forth on the signature page, or as subsequently modified by written notice.

         25.      ENTIRE AGREEMENT. This Warrant, and the documents referred to
herein constitute the entire agreement between the parties hereto pertaining to
the subject matter hereof, and any and all other written or oral agreements
relating to the subject matter hereof existing between the parties hereto are
expressly canceled.

                                             REDENVELOPE, INC.

                                             By: /s/ Alison L. May
                                                 -------------------------------

                                             Address: 201 Spear Street
                                                      3rd Floor
                                                      San Francisco, CA 94105

                                             Fax Number: (415) 371-1134

Accepted and Agreed:

REGISTERED HOLDER

By: Lighthouse Management
    Partners III, LLC., its general
    partner

By: /s/ Dennis Ryan
    ----------------------------
Name: Dennis Ryan
Chief Operating Officer

                                      -10-

<PAGE>

                                    EXHIBIT A

                             PURCHASE/EXERCISE FORM

To:      REDENVELOPE, INC._                       Dated:

         The undersigned, pursuant to the provisions set forth in the attached
Warrant No. PSF-3, hereby irrevocably elects to (a) purchase _______ shares of
the Preferred Stock covered by such Warrant and herewith makes payment of
$_________, representing the full purchase price for such shares at the price
per share provided for in such Warrant, or (b) exercise such Warrant for _______
shares purchasable under the Warrant pursuant to the Net Issue Exercise
provisions of Section 1(c) of the Warrant.

         The undersigned acknowledges that it has reviewed the representations
and warranties contained in Section 5 of the Warrant and by its signature below
hereby makes such representations and warranties to the Company as of the date
hereof.

                                         Signature: ____________________________

                                         Name (print): _________________________

                                         Title (if applic.): ___________________

                                         Company (if applic.): _________________

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED, _________________________________________ hereby
sells, assigns and transfers all of the rights of the undersigned under the
attached Warrant with respect to the number of shares of Series F Preferred
Stock covered thereby set forth below, unto:

<TABLE>
<CAPTION>
NAME OF ASSIGNEE               ADDRESS/FAX NUMBER              NO. OF SHARES
----------------               ------------------              -------------
<S>                            <C>                             <C>
</TABLE>

Dated: _____________________           Signature: ___________________________

                                                  ___________________________

                                       Witness: _____________________________<PAGE>

                                                                     EXHIBIT 4.7

                                REDENVELOPE, INC.

                           WARRANT PURCHASE AGREEMENT

         This Warrant Purchase Agreement (the "Agreement") is made as of
November 13, 2001 by and between RedEnvelope, Inc., a Delaware corporation
(the "Company"), and Camelot Ventures, LLC, a Michigan limited liability company
(the "Lender").

                                    RECITALS

         A.       The Company and the Lender have entered into a Credit
Agreement dated as of even date herewith (the "Credit Agreement"); and

         B.       As a condition to the Lender's execution of the Credit
Agreement, the Company has agreed to issue to the Lender a warrant or warrants
to purchase shares of its capital stock in accordance with the terms of this
Agreement (each, a "Warrant" and collectively, the "Warrants").

                                    AGREEMENT

         In consideration of the mutual promises contained herein and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties to this Agreement hereby agree as follows:

         1.       PURCHASE AND SALE OF WARRANT(S).

                  1.1      SALE AND ISSUANCE OF INITIAL WARRANT. Subject to the
terms and conditions of this Agreement and upon the execution by the Company and
Lender of the Credit Agreement whereby the Lender provides a $2,000,000 credit
facility to the Company, the Company shall sell and issue to the Lender, and the
Lender shall purchase from the Company, for a purchase price of $0.01, a
Warrant, in substantially the form attached as Exhibit A hereto, to purchase
250,000 shares of the Company's Preferred Stock (as such term is defined in the
Warrants).

                  1.2      SALE AND ISSUANCE OF SUBSEQUENT WARRANTS.

                  (a)      Subject to the terms and conditions of this Agreement
and following the date of the initial Advance (as such term is defined in the
Credit Agreement), if any, of funds to the Company under the Credit Agreement,
the Company shall sell and issue to the Lender, and the Lender shall purchase
from the Company, for a purchase price of $0.01, a Warrant, in substantially the
form attached as Exhibit A hereto, to purchase an additional 250,000 shares of
the Company's Preferred Stock.

                  (b)      In the event that the aggregate of all Advances (as
such term is defined in the Credit Agreement) made to the Company by the Lender
pursuant to the Credit Agreement exceeds $1,000,000, the Company shall, subject
to the terms and conditions of this Agreement,

<PAGE>

sell and issue to the Lender, and the Lender shall purchase from the Company,
for a purchase price of $0.01, a Warrant, in substantially the form attached as
Exhibit A hereto, to purchase an additional 250,000 shares of the Company's
Preferred Stock. In the event that the aggregate Advances to the Company
pursuant to the Credit Agreement exceed $1,000,000, the Company may, in its
discretion, issue to Lender pursuant to this Section 1.2 one Warrant exercisable
for 500,000 shares of Preferred Stock in lieu of two Warrants each exercisable
for 250,000 shares of Preferred Stock.

                  In no event shall the Company be obligated to issue Warrants
to purchase in excess of an aggregate of 750,000 shares of Preferred Stock (as
adjusted for stock splits and the like occurring after the date hereof) pursuant
to the terms of this Agreement. The Warrant(s) and the equity securities
issuable upon exercise of the Warrant(s) (and the securities issuable upon
conversion of such equity securities) are collectively referred to herein as the
"Securities."

         2.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. The
Company hereby represents and warrants to the Lender that, except as set forth
on a Schedule of Exceptions attached as Exhibit B hereto, which exceptions shall
be deemed to be representations and warranties as if made hereunder.

                  2.1      ORGANIZATION, GOOD STANDING AND QUALIFICATION. The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power
and authority and legal right to own and operate its assets and to carry on its
business as now conducted and as proposed to be conducted, and to execute and
deliver this Agreement and to consummate the transactions contemplated hereby.
The Company is duly qualified to transact business and is in good standing in
each jurisdiction in which the failure so to qualify would reasonably be
expected to have a material adverse effect on its business or properties.

                  2.2      CAPITALIZATION. The authorized capital of the Company
consists of:

                  (a)      41,975,303 shares of Preferred Stock, $0.001 par
value per share, of which (i) 7,694,809 shares have been designated Series A
Preferred Stock, 7,337,634 of which are issued and outstanding as of the date
hereof, (ii) 4,510,000 shares have been designated Series B Preferred Stock, all
of which are issued and outstanding as of the date hereof, (iii) 6,491,498
shares have been designated Series C Preferred Stock, all of which are issued
and outstanding as of the date hereof, (iv) 2,278,996 shares have been
designated Series D Preferred Stock, all of which are issued and outstanding as
of the date hereof, and (v) 21,000,000 shares have been designated Series E
Preferred Stock, 17,291,788 of which are issued and outstanding as of the date
hereof. The rights, privileges and preferences of the Preferred Stock are as
stated in the Company's Amended and Restated Certificate of Incorporation.

                  (b)      80,000,000 shares of Common Stock, $0.001 par value
per share, 3,804,333 shares of which are issued and outstanding. The Company has
reserved sufficient shares of Common Stock for issuance upon conversion of the
issued and outstanding Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock.

                                      -2-

<PAGE>

                  (c)      The Company has reserved 9,636,959 shares of Common
Stock for issuance to officers, directors, employees and consultants of the
Company pursuant to its 1999 Stock Plan duly adopted by the Board of Directors
and approved by the Company stockholders (the "Stock Plan"). Of such reserved
shares of Common Stock, options to purchase 4,649,339 shares have been granted
and are currently outstanding, options to purchase 445,000 shares have been
committed for issuance and 327,532 shares of Common Stock remain available for
issuance to officers, directors, employees and consultants pursuant to the Stock
Plan.

                  (d)      Except as set forth above and as set forth in the
Investor Agreements (as such term is defined in Section 6 below), there are no
outstanding options, warrants, rights (including conversion or preemptive rights
and rights of first refusal or similar rights) or agreements, orally or in
writing, for the purchase or acquisition from the Company of any shares of its
capital stock.

                  (e)      All outstanding shares have been duly authorized and
validly issued, are fully paid and nonassessable, and have been issued in
compliance with applicable state and federal securities laws. The issuance of
such shares by the Company did not violate any preemptive rights or rights of
first refusal held by third parties (other than rights that were previously
waived by such parties).

                  (f)      Except for the Investor Agreements, the Company is
not a party or subject to any agreement or understanding, and, to the best of
the Company's knowledge, there is no agreement or understanding between any
persons that modifies, restricts or otherwise affects the right of a Company
stockholder to vote its shares of the Company's capital stock in accordance with
the Company's Amended and Restated Certificate of Incorporation.

                  2.3      AUTHORIZATION. All corporate action on the part of
the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement and the authorization,
sale, issuance and delivery of the Warrants and the performance of all
obligations of the Company hereunder and thereunder has been taken, and the
Agreement, when executed and delivered by the Company, shall constitute a valid
and legally binding obligation of the Company, enforceable against the Company
in accordance with its terms except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and other laws of
general application affecting enforcement of creditors' rights generally, as
limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies. Notwithstanding the foregoing, the parties
acknowledge that the Company has not yet authorized, or reserved for issuance,
the Preferred Stock issuable upon exercise of the Warrants or the Common Stock
issuable upon conversion thereof.

                  2.4      FINANCIAL STATEMENTS. The Company has delivered to
Lender (a) unaudited financial statements of the Company as at and for the
fiscal year ended April 1, 2001, (b) unaudited financial statements of the
Company, as applicable for the six (6) month period ended September 30, 2001,
and (c) weekly sales updates comparing actual sales to the Company's plan,
forecast and sales for the same period during the preceding fiscal year, for
each week beginning October 10, 2001 through and including the Closing. The
financial statements referred to in clause (a) of this Section 2.4 are true and
correct in all material respects, have been

                                      -3-

<PAGE>

prepared in accordance with GAAP, and fairly present both the financial
condition of the Company, as of April 1, 2001 and the results of the Company's
operations for the fiscal year ended therein. The financial statements referred
to in clause (b) of this Section 2.4 are true and correct in all material
respects, have been prepared in accordance with GAAP (except as otherwise noted
therein and, except for the absence of footnotes and normal year end
adjustments), and fairly present both the financial condition of the Company, as
of the dates indicated therein and the results of the Company's operations for
the period indicated therein. At September 30, 2001, the Company has no
liabilities or obligations (absolute, accrued, contingent or otherwise) of any
nature, whether or not required by GAAP to be reflected in such financial
statements, which are, individually or in the aggregate, material to the
condition, financial or otherwise, or operations of the Company as of that date
which are not reflected on such financial statements. There has been no adverse
change in the condition, financial or otherwise, or operations of the Company
since September 30, 2001, nor has there otherwise occurred a Material Adverse
Effect, subsequent to such date.

                  2.5      DEFAULT. There are no payment defaults by the Company
and no other defaults which could reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect under any loan
agreement, indenture, mortgage, security agreement, lease, franchise, permit,
license or other material agreement or material obligation to which it is a
party or by which any of its properties may be bound. The Company is paying its
debts as they become due except for debts the Company is contesting in good
faith by appropriate actions and/or proceedings diligently pursued and for which
it has established adequate reserves in conformity with GAAP and to the
reasonable satisfaction of Lender.

                  2.6      COMPLIANCE WITH LAWS AND MATERIAL AGREEMENTS. The
execution, delivery and performance by the Company of this Agreement and the
Warrants issuable hereunder, do not and will not violate its Certificate of
Incorporation or Bylaws or any law or any order of any court, governmental
authority or arbitrator, and do not and will not conflict with, result in a
breach of, or constitute a default under, or result in the imposition of any
Lien (except Permitted Liens) upon any assets of the Company pursuant to the
provisions of any loan agreement, indenture, mortgage, security agreement,
franchise, permit, license or other instrument or agreement by which the Company
or any of its properties is bound. No authorization, approval or consent of, and
no filing or registration with, any court, governmental authority or third
Person is or will be necessary for the execution, delivery or performance by the
Company of this Agreement or the Warrants issuable hereunder or the validity or
enforceability thereof, except for filings required under applicable state
securities laws. All authorizations, approvals, consents, filings and
registrations described under Section 2.6 of the Schedule of Exceptions have
been obtained. The Company is not in violation of any term of its (i)
Certificate of Incorporation or Bylaws or (ii) any contract, agreement, judgment
or decree, and (iii) is in full compliance with all applicable laws, regulations
and rules, except with respect to any item in clause (ii) or (iii) when such
violation or non-compliance could not reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect.

                  2.7      ENVIRONMENTAL CONDITION OF THE PROPERTY. To the best
of the Company's knowledge:

                                      -4-

<PAGE>

                  (a)      The location, construction, occupancy, operation and
use of the Property do not violate any applicable law, statute, ordinance, rule,
regulation, order or determination of any governmental authority or other body
exercising similar functions, or any restrictive covenant or deed restriction
(recorded or otherwise) affecting the Property, including, without limitation,
all applicable zoning ordinances and building codes, flood disaster,
occupational health and safety laws and Environmental Laws and regulations (as
referred to in this Section 2.7, collectively, "applicable laws");

                  (b)      Without limitation of clause (a) of this Section 2.7,
neither the Company nor the Property is subject to any existing, pending or
threatened investigation or inquiry by any governmental authority or subject to
any remedial obligations due to violations of applicable laws;

                  (c)      The Company is not subject to any liability or
obligation relating to (i) the environmental conditions on, under or about the
Property, including, without limitation, the soil and ground water conditions at
the Property, or (ii) the use, management, handling, transport, treatment,
generation, storage, disposal, release or discharge of any Polluting Substance;

                  (d)      There is no Polluting Substance or other substance
that may pose any risk to safety, health or the environment on, under or about
any Property;

                  (e)      No Polluting Substances have been disposed of or
otherwise released on, onto, into, or from the Property, and the use which the
Company makes and intends to make of the Property does not and will not result
in the disposal or other release of any Polluting Substances on, onto, into or
from the Property; and

                  (f)      The Company has been issued all required federal,
state and local licenses, certificates or permits relating to, and the Property,
the Company and the Company's facilities, business, assets, leaseholds and
equipment are all in compliance in all respects with all applicable federal,
state and local laws, rules and regulations relating to, air emissions, water
discharge, noise emissions, solid or liquid waste disposal, Polluting
Substances, or other environmental, health or safety matters.

                  2.8      LITIGATION AND JUDGMENTS. There is no action, suit,
proceeding or investigation before any court, governmental authority or
arbitrator pending, or to the knowledge of the Company threatened, against or
affecting the Company, this Agreement, and/or the Other Agreements. There are no
outstanding judgments against the Company. None of the matters listed under
Section 2.8 of the Schedule of Exceptions could reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect.

                  2.9      RIGHTS IN PROPERTIES; LIENS. The Company has good and
indefeasible title to all material properties and assets reflected on its
balance sheets, and none of such properties or assets is subject to any Liens,
except Permitted Liens. The Company enjoys peaceful and undisturbed possession
under all leases necessary for the operation of its other properties, assets,
and businesses and, to its knowledge, all such leases are valid and subsisting
and are in full force and effect. There exists no default under any provision of
any lease which

                                      -5-

<PAGE>

would permit the lessor thereunder to terminate any such lease or to exercise
any rights under such lease which, individually or together with all other such
defaults, could have a Material Adverse Effect. The Company has the right to use
all of the Intellectual Property necessary to its business as presently
conducted, and the Company's use of the Intellectual Property, to its knowledge,
does not infringe on the rights of any other Person. To the best of the
Company's knowledge, no other Person is infringing the rights of the Company in
any of the Intellectual Property. The Company owes no royalties, honoraria or
fees to any Person by reason of its use of the Intellectual Property.

                  2.10     TAXES. The Company has filed all tax returns
(federal, state, and local) required to be filed, including, without limitation,
all income, franchise, employment, property, and sales taxes, and has paid all
of its tax liabilities, other than immaterial amounts and taxes that are being
contested by the Company in good faith by appropriate actions or proceedings
diligently pursued, and for which adequate reserves in conformity with GAAP with
respect thereto have been established to the reasonable satisfaction of Lender.
The Company knows of no pending investigation of the Company by any taxing
authority or pending but unassessed tax liability of the Company. The Company
has made no presently effective waiver of any applicable statute of limitations
or request for an extension of time to file a tax return, and the Company is not
a party to any tax-sharing agreement.

                  2.11     ERISA. The Company does not have or maintain any
Employee Benefit Plans subject to ERISA or the Code, and has no liability,
itself or as any member of a Controlled Group, under ERISA or the Code with
respect to any plan it does maintain or has maintained for the benefit of its
employees.

                  2.12     DISCLOSURE. No representation or warranty made by the
Company in this Agreement contains or will contain any untrue material fact or
omits to state any material fact necessary to make the statements herein or
therein, taken as a whole, not misleading. There is no fact known to the Company
which the Company has determined has a Material Adverse Effect, or which the
Company has determined could have a Material Adverse Effect, that has not been
disclosed in writing to Lender.

                  2.13     NO LABOR DISPUTES. The Company is not involved in any
labor dispute. There are no strikes or walkouts or union organization of any of
the Company's employees threatened or in existence and no labor contract is
scheduled to expire during the term of the Credit Agreement.

                  2.14     INSURANCE. The amount and types of insurance carried
by the Company, and the terms and conditions thereof, are substantially similar
to the coverage maintained by companies in the same or similar business as the
Company and similarly situated.

         All capitalized terms contained in this Section 2 that are not
otherwise defined in this Agreement shall have the meanings ascribed to them
under the Credit Agreement.

         3.       COVENANTS REGARDING ISSUANCE OF STOCK UPON EXERCISE OF
WARRANTS. The Company covenants that:

                                      -6-

<PAGE>

                  (a)      The shares of Preferred Stock issuable on exercise of
the Warrants when issued and paid for in accordance with the terms of the
Warrants, will be duly authorized, validly issued, fully paid, and nonassessable
and will not be subject to preemptive rights, rights of first refusal, or
similar rights of a third party.

                  (b)      Prior to the exercise of any Warrant in accordance
with its terms, the Company will have authorized and reserved a sufficient
number of shares of the Company's securities into which such Warrant is
exercisable to provide for the exercise in full of the Warrants.

                  (c)      The Company has authorized and available for
issuance, or shall, prior to January 31, 2002, authorize and make available for
issuance, 750,000 shares of Series E Preferred Stock and shall reserve such
shares for issuance upon exercise of the Warrants; provided, however, that in
the event that the Warrants are not issuable for Series E Preferred Stock or are
issuable for less than 750,000 shares of Series E Preferred Stock, the Company
shall no longer be required to reserve any shares that are not issuable upon
exercise of such Warrants.

         4.       REPRESENTATIONS AND WARRANTIES OF THE LENDER. The Lender
hereby represents and warrants to the Company that:

                  4.1      AUTHORIZATION. The Lender has full power and
authority to enter into this Agreement and this Agreement, when executed and
delivered by the Lender, will constitute the valid and legally binding
obligation of the Lender, enforceable in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, and any other laws of general application affecting
enforcement of creditors' rights generally, and as limited by laws relating to
the availability of a specific performance, injunctive relief, or other
equitable remedies.

                  4.2      PURCHASE ENTIRELY FOR OWN ACCOUNT. The Securities to
be acquired by the Lender will be acquired for investment for the Lender's own
account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and the Lender has no present intention of
selling, granting any participation in, or otherwise distributing the same. By
executing this Agreement, the Lender further represents that it does not
presently have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participations to such person or to any third
person, with respect to any of the Securities. The Lender has not been formed
for the specific purpose of acquiring any of the Securities.

                  4.3      KNOWLEDGE. The Lender is aware of the Company's
business affairs and financial condition, has had an opportunity to discuss the
Company's business affairs and financial condition with the Company's
management, and has acquired sufficient information about the Company to reach
an informed and knowledgeable decision to acquire the Securities.

                  4.4      RESTRICTED SECURITIES. The Lender understands that
the Securities have not been, and will not be, registered under the Securities
Act of 1933, as amended (the "Securities Act"), by reason of a specific
exemption from the registration provisions of the Securities Act which depends
upon, among other things, the bona fide nature of the investment

                                      -7-

<PAGE>

intent and the accuracy of the Lender's representations as expressed herein. The
Lender understands that the Securities are "restricted securities" under
applicable U.S. federal and state securities laws and that, pursuant to these
laws, the Lender must hold the Securities indefinitely unless they are
registered with the Securities and Exchange Commission and qualified by state
authorities, or an exemption from such registration and qualification
requirements is available. The Lender acknowledges that the Company has no
obligation to register or qualify the Securities for resale except as required
by Section 6 below. The Lender further acknowledges that if an exemption from
registration or qualification is available, it may be conditioned on various
requirements including, but not limited to, the time and manner of sale, the
holding period for the Securities, and on requirements relating to the Company
which are outside of the Lender's control, and which the Company is under no
obligation and may not be able to satisfy.

                  4.5      NO PUBLIC MARKET. The Lender understands that no
public market now exists for any of the securities issued by the Company, that
the Company has made no assurances that a public market will ever exist for the
Securities.

                  4.6      LEGENDS. The Lender understands that the Securities,
and any securities issued in respect thereof or exchange therefor, may bear one
or all of the following legends:

                           (a)      "THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933."

                           (b)      Any legend required by the Blue Sky laws of
any state to the extent such laws are applicable to the shares represented by
the certificate so legended.

                  4.7      ACCREDITED INVESTOR. The Lender is an accredited
investor as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act.

         5.       CONDITIONS OF THE COMPANY'S OBLIGATIONS TO ISSUE WARRANTS. The
obligations of the Company to issue any Warrant to the Lender pursuant to the
terms of this Agreement are subject to the following conditions, unless
otherwise waived by the Company:

                  5.1      REPRESENTATIONS AND WARRANTIES. The representations
and warranties of the Lender contained in Section 4 shall be true on and as of
the date of issuance of such Warrant with the same effect as though such
representations and warranties had been made on and as of such date.

                  5.2      QUALIFICATIONS. All authorizations, approvals or
permits, if any, of any governmental authority or regulatory body of the United
States or of any state that are required in

                                      -8-

<PAGE>

connection with the lawful issuance and sale of such Warrant pursuant to this
Agreement shall be obtained and effective as of the date of issuance of such
Warrant.

         6.       INVESTOR AGREEMENTS.

                  Upon issuance of shares of Preferred Stock to the Lender
pursuant to any exercise of the Warrants, the Company shall take all action
necessary (including obtaining any necessary consents of the Company's existing
stockholders) to have the Lender become a party to (unless Lender is already a
party to), and to have the Lender's shares of Preferred Stock issued upon
exercise of the Warrant become eligible to receive the benefits accorded to all
other holders of shares of similar Preferred Stock set forth in, those certain
Amended and Restated Investors' Rights Agreement, Amended and Restated
Investor's Right of First Refusal and Co-Sale Agreement, and Amended and
Restated Voting Agreement, each dated as of July 17, 2000 and as amended to date
(collectively, the "Investor Agreements"); provided, however, in the event the
Company hereafter closes a preferred stock financing prior to such issuance, the
term Investor Agreements shall be deemed to refer to any successor agreement or
agreements containing similar benefits granted to holders of shares issued in
such financing. The Lender acknowledges and agrees that any rights set forth in
the Investor Agreements shall be conditioned upon Lender's execution of such
agreements.

         7.       CONDITIONS. The obligations of the Lender to purchase the
Warrants hereunder are subject to satisfaction or waiver by the Lender of each
of the conditions precedent to the obligations of the Lender under the Credit
Agreement.

         8.       MISCELLANEOUS.

                  8.1      INTEGRATION. This Agreement, together with the
attachments hereto, and the Credit Agreement constitute the entire agreement
with respect to the subject matter hereof and thereof and supersede all previous
written, and all previous or contemporaneous oral, negotiations, understandings,
arrangements, and agreements.

                  8.2      REMEDIES. The failure of any party to enforce any
right or remedy under this Agreement, or promptly to enforce any such right or
remedy, will not constitute a waiver thereof, nor give rise to any estoppel
against such party, nor excuse any other party from its obligations under this
Agreement. Any waiver of any such right or remedy by any party must be in
writing and signed by the party against which such waiver is sought to be
enforced. The parties hereby agree that in the event of any breach by a party of
its obligations under this Agreement, the non-breaching party will be entitled,
in addition to any and all other rights and remedies that it may have in law or
in equity, to seek specific performance of such obligations from such breaching
party.

                  8.3      SURVIVAL. All warranties, representations, and
covenants made by any party in this Agreement or in any certificate delivered by
such party or on its behalf under this Agreement will be considered to have been
relied upon by the party to which it is delivered and will survive the Closing
Date, the exercise or retirement of the Warrants and the repayment of the

                                      -9-

<PAGE>

Obligations under the Credit Agreement, regardless of any investigation made by
such party or on its behalf.

                  8.4      ATTORNEY'S FEES. If any action at law or in equity
(including arbitration) is necessary to enforce or interpret the terms of this
Agreement or the Warrant(s) issued hereunder, the prevailing party shall be
entitled to reasonable attorney's fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

                  8.5      SUCCESSORS AND ASSIGNS. The terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

                  8.6      GOVERNING LAW. This Agreement and all acts and
transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws
of the State of Delaware, without giving effect to principles of conflicts of
law.

                  8.7      COUNTERPARTS. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

                  8.8      TITLES AND SUBTITLES. The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

                  8.9      NOTICES. Any notice required or permitted by this
Agreement shall be in writing and shall be deemed sufficient upon receipt, when
delivered personally or by courier, overnight delivery service or confirmed
facsimile, or forty-eight (48) hours after being deposited in the U.S. mail as
certified or registered mail with postage prepaid, if such notice is addressed
to the party to be notified at such party's address or facsimile number as set
forth below or as subsequently modified by written notice.

                  8.10     FINDER'S FEE. Each party represents that it neither
is nor will be obligated for any finder's fee or commission in connection with
this transaction.

                  8.11     AMENDMENTS AND WAIVERS. Any term of this Agreement
may be amended or waived only with the written consent of the Company and the
Lender. Any amendment or waiver effected in accordance with this Section 8.11
shall be binding upon the Lender and each transferee of the Securities, each
future holder of all such Securities, and the Company.

                  8.12     SEVERABILITY. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, the parties agree
to renegotiate such provision in good faith,

                                      -10-

<PAGE>

in order to maintain the economic position enjoyed by each party as close as
possible to that under the provision rendered unenforceable. In the event that
the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (a) such provision shall be excluded from this Agreement,
(b) the balance of the Agreement shall be interpreted as if such provision were
so excluded and (c) the balance of the Agreement shall be enforceable in
accordance with its terms.

                  8.13     CORPORATE SECURITIES LAW. THE SALE OF THE SECURITIES
WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE
SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR
PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT
FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA
CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT.

                            [Signature page follows]

                                      -11-

<PAGE>

         The parties have executed this Warrant Purchase Agreement as of the
date first written above.

                                         COMPANY:

                                         REDENVELOPE, INC.

                                         By: /s/ Martin McClanan
                                             -----------------------------------

                                         Name:  Martin McClanan
                                                      (print)
                                         Title: Chief Executive Officer

                                         Address: 201 Spear Street, Third Floor
                                                  San Francisco, CA  94105

                                         Facsimile Number: (415) 371-1134

                                         LENDER:

                                         CAMELOT VENTURES, LLC

                                         By: /s/ David Katzman
                                             -----------------------------------

                                         Name:  David Katzman
                                                      (print)
                                         Title: Manager

                                         Address: 100 Galleria Officentre
                                                  Suite 419
                                                  Southfield, MI  48034
                                                  Attn: Nicholas J. Pyett

                                         Facsimile Number: (248) 827-3725

                  SIGNATURE PAGE TO WARRANT PURCHASE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]