Document:

Exhibit 10.2

 

 

April 22, 2003

 

Peter Naylor

149 Sunset Avenue

Ridgewood, NJ 07540

 

Dear Peter,

 

This letter will constitute an amendment to your original Offer Letter
dated March 21, 2002; the Offer Letter is herby amended by adding the following
language:

 

“If your employment is terminated by iVillage other than for Cause (as
defined below) then (a) iVillage shall pay you an amount in cash equal to your
then current base salary for a six month period (the “Period”). Such pay will
be provided at the time and in the manner that you currently receive your
salary and will be contingent upon your execution of appropriate and customary
termination and release agreements; (b) your health, dental and other
employment benefits as in effect on the date hereof (or as will from time to
time be made available to employees of iVillage) will continue throughout the
Period. “Cause” means (i) engagement in gross misconduct materially injurious
to iVillage; (ii) knowing and willful neglect or refusal to attend to the
material duties assigned to you by the Board of Directors of iVillage or its
representatives which is not cured within 30 days after written notice; (iii)
commission of an act of fraud or embezzlement or (iv) conviction for a crime
(excluding minor traffic offenses).

 

All other terms of your Offer Letter are hereby reaffirmed as of the
date hereof.

 

Sincerely,

 

	
  /s/ Steve A. Elkes

  	
   

  
	
  Steve A. Elkes

  
	
  Executive Vice President

  

 

 

ACCEPTED AND ACKNOWLEDGED

AS OF THE DATE FIRST WRITTEN ABOVE:

 

	
  /s/ Peter Naylor

  	
   

  	
  4/24/03

  	
   

  
	
  Peter Naylor

  	
  Date.

  	
   

  

 

500 Seventh Avenue   •   New York 
•   NY
10018   •  phone: 212.600.6000   .  
fax: 212.600.6100

www.ivillage.com nasdaq ivilEXHIBIT 10.29

 

November 9, 2005

 

Steve
Elkes

c/o
iVillage Inc.

500
Seventh Avenue

New
York, NY 10018

 

Dear
Steve:

 

This letter will reflect the
terms of your employment with iVillage effective November 9, 2005 and will
constitute an amendment to your employment letter dated August 1, 2000
(the “August 1st Agreement”). It will replace in its entirety
any amendment to the August 1st Agreement (“First Amendment”).

 

 iVillage and its Board of Directors recognizes
your unique contributions to the Company, your role as a key executive and your
recent assumption of additional responsibilities and believes it to be in the
best interests of the Company to enter into this amendment to assure your
continuing services to the Company including, but not limited to, under circumstances
in which there is a possible, threatened or actual severance of employment or
Change in Control of the Company. Accordingly, the August 1st Letter is
amended as follows:

 

Section (2) of the August 1st
Agreement as amended is deleted in its entirety to be replaced with the
following:  In the event that iVillage
terminates your employment without Cause (as defined herein) or your resign
with Good Reason (as defined herein), you will receive severance pay equal to
your base salary for a period of one year after the effective date of such
termination and in addition an amount equal to your target bonus for the year
in which your termination becomes effective (“Severance Pay”). Notwithstanding
the foregoing, in the event that you are terminated without cause or resign for
Good Reason (as defined below) within twelve (12) months of a Change in Control
as defined in Paragraph 6 of the August 1st Agreement, you will be
entitled to severance pay equal to your base salary for a period of two years
after the effective date of such termination and in addition an amount equal to
your target bonus for the year in which your termination becomes effective. Such
severance pay will be provided at the time and in the manner that you currently
receive your salary and will be contingent upon your execution of a general
release against the Company. iVillage will also reimburse you for the premium
costs of COBRA continuation coverage during the Severance Period subject to
employee contributions. Your options will continue to vest during the Severance
Period and the exercise period will extend twelve months from the end of the
Severance Period.

 

Section (5) of the August 1st
Agreement as amended is deleted in its entirety to be replaced by the
following:   You may regard your employment as being constructively terminated and
may, therefore, resign within thirty (30) days of the your discovery of the
occurrence of one or more of the following events, any of which shall
constitute “good reason” for such resignation:

 

(a)                                  Without
your prior written consent, the assignment to you of any duties materially
inconsistent with the your position, duties, responsibilities and status with
the Company as set forth in this Agreement whether before or after a “change in
control” event or otherwise;

 

(b)                                 A
reduction by the Company of the your base salary or of any bonus compensation
formula applicable to you;

 

(c)                                  The
Company or any affiliate(s) requiring that you to be based anywhere other than
within twenty-five (25) miles of the area in which you reside, except for
required travel on the Company’s or an affiliate’s business to an extent
substantially consistent with your present business travel obligations;

 

1

 

(d)                                 A
breach by the Company of any material provision of this Agreement or any other
agreement between the Company and you, which breach is not cured within thirty
(30) days following the delivery to the Company of written notice reasonably
describing the alleged breach; and/or

 

Paragraph
3 of the First Amendment is amended and replaced with the following:

 

(a)                                  The
Company agrees that effective November 9, 2005, your base salary will be
increased to $363,000. In addition you will be eligible to receive a
discretionary annual bonus amount equal to 50% of your base salary.

 

Fringe
Benefits. The Company shall make Employee the beneficiary of, and Employee
shall receive the standard package of, fringe benefits the Company generally
provides to its other senior executive officers including, without limitation,
the ability to participate in any stock option plan, restricted stock plan,
phantom stock plan, deferred compensation plan or other compensation or benefit
plans. Fringe benefits to be included in this standard benefit package include,
but are not limited to, medical and dental insurance coverage, continuing
education reimbursement, disability insurance, paid vacation, holidays and sick
leave. Participation in such fringe benefit programs will be subject to certain
employee contributions that may from time to time regularly be applicable
to such programs.

 

 

Thank you for your continued contributions to
iVillage.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  i VILLAGE INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Douglas W. McCormick

  	
   

  
	
   

  	
   

  	
  Douglas McCormick

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  
	
  ACCEPTED AND ACKNOWLEDGED

  	
   

  
	
  AS OF THE DATE FIRST WRITTEN ABOVE:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Steve Elkes

  	
   

  	
   

  
	
  Steve Elkes

  	
   

  
					

 

2EXHIBIT 10.30

 

November 9, 2005

 

Jane
Tollinger

c/o
iVillage Inc.

500
Seventh Avenue

New
York, NY 10018

 

Dear
Jane:

 

This letter will reflect the
terms of your employment with iVillage effective November 9, 2005 and will
constitute an amendment to your employment letter dated September 15, 2000
(the “September 15th Agreement”). It will replace in its entirety any
amendment to the September 15th Agreement dated November 10, 2003 (“First
Amendment”).

 

 iVillage and its Board of Directors recognizes
your unique contributions to the Company, your role as a key executive and your
recent assumption of additional responsibilities and believes it to be in the
best interests of the Company to enter into this amendment to assure your
continuing services to the Company including, but not limited to, under
circumstances in which there is a possible, threatened or actual severance of
employment or Change in Control of the Company. Accordingly, the September 15th
Letter is amended as follows:

 

Section (2) of the September 15th
Agreement as amended is deleted in its entirety to be replaced with the
following:  In the event that iVillage
terminates your employment without Cause (as defined herein) or your resign
with Good Reason (as defined herein), you will receive severance pay equal to
your base salary for a period of one year after the effective date of such
termination and in addition an amount equal to your target bonus for the year
in which your termination becomes effective (“Severance Pay”). Notwithstanding
the foregoing, in the event that you are terminated without cause or resign for
Good Reason (as defined below) within twelve (12) months of a Change in Control
as defined in Paragraph 6 of the September 15th Agreement, you
will be entitled to severance pay equal to your base salary for a period of two
years after the effective date of such termination and in addition an amount
equal to your target bonus for the year in which your termination becomes
effective.  Such severance pay will be
provided at the time and in the manner that you currently receive your salary
and will be contingent upon your execution of a general release against the
Company. iVillage will also reimburse you for the premium costs of COBRA
continuation coverage during the Severance Period subject to employee
contributions. Your options will continue to vest during the Severance Period
and the exercise period will extend twelve months from the end of the Severance
Period.

 

Section (5) of the September 15th
Agreement as amended is deleted in its entirety to be replaced by the
following:   You may regard your employment as being constructively terminated and
may, therefore, resign within thirty (30) days of the your discovery of the
occurrence of one or more of the following events, any of which shall constitute
“good reason” for such resignation:

 

(e)                                  Without
your prior written consent, the assignment to you of any duties materially
inconsistent with the your position, duties, responsibilities and status with
the Company as set forth in this Agreement whether before or after a “change in
control” event or otherwise;

 

(f)                                    A
reduction by the Company of the your base salary or of any bonus compensation
formula applicable to you;

 

(g)                                 The
Company or any affiliate(s) requiring that you to be based anywhere other than
within twenty-five (25) miles of the area in which you reside, except for
required travel on the Company’s or an affiliate’s business to an extent
substantially consistent with your present business travel obligations;

 

1

 

(h)                                 A
breach by the Company of any material provision of this Agreement or any other
agreement between the Company and you, which breach is not cured within thirty
(30) days following the delivery to the Company of written notice reasonably
describing the alleged breach; and/or

 

Paragraph
3 of the First Amendment is amended and replaced with the following:

 

(b)                                 The
Company agrees that effective November 9, 2005, your base salary will be
increased to $339,000. In addition you will be eligible to receive a
discretionary annual bonus amount equal to 50% of your base salary.

 

Fringe
Benefits. The Company shall make Employee the beneficiary of, and Employee
shall receive the standard package of, fringe benefits the Company generally
provides to its other senior executive officers including, without limitation,
the ability to participate in any stock option plan, restricted stock plan,
phantom stock plan, deferred compensation plan or other compensation or benefit
plans. Fringe benefits to be included in this standard benefit package include,
but are not limited to, medical and dental insurance coverage, continuing
education reimbursement, disability insurance, paid vacation, holidays and sick
leave. Participation in such fringe benefit programs will be subject to certain
employee contributions that may from time to time regularly be applicable
to such programs.

 

 

Thank you for your continued contributions to
iVillage.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  i VILLAGE INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas W. McCormick

  	
   

  
	
   

  	
   

  	
  Douglas McCormick

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  
	
  ACCEPTED AND ACKNOWLEDGED

  	
   

  
	
  AS OF THE DATE FIRST WRITTEN ABOVE:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Jane Tollinger

  	
   

  	
   

  
	
  Jane Tollinger

  	
   

  
					

 

2

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