Document:

Exhibit
10.10

 

December 19, 2005

 

Rachel Silverstein

900 Euclid Street #208 

Santa Monica, CA

 

Dear Rachel:

 

On behalf of
Gamefly, Inc. (the “Company”), I am pleased to offer you the
position of Vice President, Marketing at the Company. We look forward to your
future success in this position.

 

The terms of your new
position with the Company are as set forth below: 

 

1.                                       Position.

 

a.               You will become the Vice President,
Marketing of the Company, working out of the Company’s headquarters office in
Los Angeles, California.

 

b.              You agree to the best of your ability and
experience that you will at all times loyally and conscientiously perform all
of the duties and obligations required of and from you pursuant to the express
and implicit terms hereof, and to the reasonable satisfaction of the Company.
During the term of your employment, you further agree that you will devote all
of your business time and attention to the business of the Company, the Company
will be entitled to all of the benefits and profits arising from or incident to
all such work services and advice, you will not render commercial or
professional services of any nature to any person or organization, whether or
not for compensation, without the prior written consent of the Company’s Board
of Directors, and you will not directly or indirectly engage or participate in
any business that is competitive in any manner with the business of the
Company. Nothing in this letter agreement will prevent you from accepting
speaking or presentation engagements in exchange for honoraria or from
providing services to an serving on boards of charitable organizations, or from
owning no more than one percent (1%) of the outstanding equity securities of a
corporation whose stock is listed on a national stock exchange.

 

2.                                       Start Date. Subject to fulfillment of any conditions
imposed by this letter agreement, you will commence this new position with the
Company no later than January 9, 2006.

 

3.                                       Proof of Right to Work. For purposes of federal immigration law,
you will be required to provide to the Company documentary evidence of your
identity and eligibility for employment in the United States. Such
documentation must be provided to us within three (3) business days of
your date of hire, or our employment relationship with you may be terminated.

 

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4.                                       Compensation.

 

a.                                       Base Salary. You will be paid a bi-weekly salary of
$5384.61, which is equivalent to $140,000 on an annualized basis. Your salary
will be payable every two weeks pursuant to the Company’s regular payroll
policy.

 

b.                                      Annual Review. Your base salary will be reviewed at the
end of each fiscal year as part of the Company’s normal salary review process.

 

c.                                       Bonus. You will be eligible for the Company’s
cash bonus plan for the fiscal year commencing April 1, 2005, pro-rated
for the remainder of this fiscal year.

 

5.                                       Stock Options.

 

a.                                       Initial Grant. In connection with the commencement of
your employment, the Company will recommend that the Board of Directors grant
you an option to purchase 100,000 shares of the Company’s Common Stock (“Shares”)
with an exercise price equal to the fair market value on the date of the grant.
These option shares will vest at the following schedule: 25% of the Shares
subject to the Option shall vest and become exercisable on the 12 month
anniversary of the Vesting Commencement Date and 75% of the total number of
Shares subject to the Option shall vest and become exercisable at a rate of
2.0833% times the total number of Shares each month thereafter for a total of
36 months.

 

b.                                      Subsequent Option Grants. Subject to the discretion of the
Company’s Board of Directors, you may be eligible to receive additional grants
of stock options or purchase rights from time to time in the future, on Such
terms and subject to such conditions as the Board of Directors shall determine
as of the date of any such grant.

 

6.                                       Benefits.

 

a.                                       Insurance Benefits The Company will provide you with
standard medical and vision insurance benefits effective from your Start Date.
Dental insurance and flexible benefit account participation will become
effective on the 1st day of the month following your
Start Date while participation in the Company’s 401(k) savings plan is
effective the 1st day of the month following your 6th month anniversary of your Start Date.

 

b.                                      Vacation. For CY2006, you will be entitled to
three weeks paid vacation. In subsequent years, you will be entitled to two
weeks paid vacation per year.

 

7.                                       Confidential Information
and Invention Assignment Agreement. Your acceptance of this offer and commencement of
employment with the Company is contingent upon the execution, and delivery to
an officer of the Company, of the Company’s Confidential Information and
Invention Assignment Agreement attached as Exhibit A (the “Confidentiality
Agreement”), prior to or on your Start Date.

 

8.                                       Confidentiality of Terms. You agree to follow the Company’s strict
policy that employees must not disclose, either directly or indirectly, any
information, including any of the terms of this agreement, regarding salary,
bonuses, or stock purchase or option allocations to any person, including other
employees of the Company; provided, however, that you may discuss such terms
with members of your immediate family and any legal, tax or accounting
specialists who provide you with individual legal, tax or accounting advice.

 

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9.                                       At-Will Employment. Your employment with the Company will be
on an “at will” basis, meaning that either you or the Company may terminate
your employment at any time for any reason or no reason, without further
obligation or liability.

 

We are all delighted to
be able to extend you this offer and look forward to working with you. To
indicate your acceptance of the Company’s offer, please sign and date this
letter in the space provided below and return it to me, along with a signed and
dated copy of the Confidentiality Agreement. This letter, together with the
Confidentiality Agreement, set forth the terms of your employment with the
Company and supersedes any prior representations or agreements, whether written
or oral. This letter may not be modified or amended except by a written
agreement, signed by the Company and by you.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GAMEFLY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David Hodess

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
  David Hodess

  
	
   

  	
  CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGREED AND ACCEPTED:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Rachel Silverstein

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
  Rachel Silverstein

  
	
   

  	
  Printed Name

  

 

3Exhibit 10.11

 

GameFly, Inc.

5340 ALLA ROAD #110

LOS ANGLES, CA 90066

 

January 26, 2010

 

Alison Davis

1 Maritime Plaza

Suite 825

San Francisco, CA 94111

 

Dear Alison:

 

Pursuant to this letter agreement (the “Agreement”), GameFly, Inc.
(the “Company”) is pleased to offer you a position as a member of the Company’s
Board of Directors (the “Board”), effective as of the date of the first Board
meeting on which the Board has appointed you as a Board member.  You will also serve as a member of the
Company’s Compensation Committee and Audit Committee and as Chairperson of the
Audit Committee when appointed by the Board. 
As a Board and Committee member, you will be responsible for attending
any scheduled Board and Committee meetings in person or by telephone.  In addition, from time to time, we would like
to have the benefit of your experience and insight regarding various Company
related matters through telephone and email communications.

 

At the beginning of each calendar quarter in which you
will provide Board and Committee service, you will receive a fee of $7,500 for a
total annual fee of $30,000.  Such fee
will be prorated for your first quarter of service, based on the number of days
of service that you provide during such first quarter.  In addition, subject to Board approval, you
will be granted an option to purchase 60,000 shares of the Company’s Common
Stock (the “Option”). The exercise price per share of the Option will be equal
to the fair market value per share on the date the Option is granted, as determined
by the Board in good faith.  There is no
guarantee that the Internal Revenue Service will agree with this value.  You should consult with your own tax advisor
concerning the tax consequences associated with accepting the Option. The
Option will become vested and exercisable with respect to 1/48th of the Option
shares upon your completion of each month of service with the Company.  In the event of a change in control
transaction while you are a Board member, 25% of the Option will become fully
vested and exercisable immediately prior to the transaction.  The Option will be subject to the terms and
conditions of the Company’s 2002 Stock Plan (the “Plan”) and the applicable
stock option agreement.

 

The Company will
reimburse reasonable travel and other business expenses in connection with your
duties as a Board member in accordance with the Company’s generally applicable
policies.  In addition, you will receive
certain indemnification rights with respect to your service as a Board member,
provided that you execute the Company’s form of indemnification agreement.

 

In connection with your
Board service, we expect that the Company and its agents

 

 

will
disclose technical, business, or financial information to you, including (without
limitation) the identity of and information relating to customers or employees
and information the Company has received and in the future will receive from
third parties that is subject to a duty from the Company to maintain the
confidentiality of such information and to use it only for certain limited
purposes (“Confidential Information”). 
To the extent such Confidential Information is not generally publicly
known or otherwise previously known by you without an obligation of
confidentiality, you agree not to use such Confidential Information (except in
connection with your Board or Committee services) or disclose such Confidential
Information to any third party and to take reasonable steps to maintain the
confidential nature of such Confidential Information.   When you cease to be a Board member, you
must return all Confidential Information to the Company.

 

As a precautionary matter
and to avoid any conflicts of interest, we ask that while this Agreement is in
effect that you do not provide advice to or otherwise provide services to any
Company competitor.  In addition, we ask
that you inform the Company of any potential, actual, direct or indirect
conflict of interest that you think exists or may arise as a result of your
relationship with Company, so that we may come to a quick and mutually
agreeable resolution. By signing this Agreement you also represent and warrant
that neither this Agreement nor the performance thereof will conflict with or
violate any obligation of yours or right of any third party, and further that
you will not disclose any third party proprietary or confidential information
to the Company in connection with your Board services.

 

This Agreement shall be
governed by and construed under the laws of the State of California without
regard to principles of conflicts of laws. 
The foregoing constitutes the complete agreement between us with respect
to the subject matter hereof and supersede in all respects all prior or
contemporaneous proposals, negotiations, conversations, discussions and
agreements between us.

 

I am excited about you
joining our Board and Committees and look forward to working with you to help
make the Company a truly great and prosperous company.  Please acknowledge your receipt of and
agreement with this Agreement by signing and dating this Agreement and
returning it to me no later than January 29, 2010.

 

***Signature
Page Follows***

 

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  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GAMEFLY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David Hodess

  
	
   

  	
   

  	
  Name: David Hodess

  
	
   

  	
   

  	
  Title: CEO and Member of Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACCEPTED AND
  AGREED TO:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Alison Davis

  	
   

  	
   

  
	
  Alison Davis

  	
   

  	
   

  
	
  1/30/2010

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  

 

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