Document:

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                                                                     EXHIBIT 4.8

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.

Warrant No. WAR28                            Date of Issuance: November 13, 2001

                                REDENVELOPE, INC.

                        PREFERRED STOCK PURCHASE WARRANT

         RedEnvelope, Inc. (the "Company"), for value received, hereby certifies
that Camelot Ventures, LLC, 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 6 below) 250,000 shares of preferred stock of the Company
as set forth in Section 1 below (the "Preferred Stock") at the exercise price
per share set forth in Section 1 below. The shares purchasable upon exercise of
this Warrant and the per-share exercise price therefor, as determined in
accordance with Section 1 of this Warrant and as may be 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.

         THIS WARRANT IS ISSUED PURSUANT TO, AND IS SUBJECT TO THE TERMS AND
CONDITIONS OF, A WARRANT PURCHASE AGREEMENT DATED NOVEMBER 13, 2001 BETWEEN THE
COMPANY AND CAMELOT VENTURES, LLC (THE "PURCHASE AGREEMENT"). A COPY OF THE
PURCHASE AGREEMENT IS AVAILABLE AT THE EXECUTIVE OFFICES OF THE COMPANY.

         1.       PREFERRED STOCK AND EXERCISE PRICE. The Preferred Stock to be
issued upon exercise of this Warrant, and the per share exercise price therefor,
shall be as follows:

                  (a)      In the event the Company authorizes and sells shares
of a new series or class of convertible preferred stock after the date hereof
and prior to January 1, 2005, as a result of which the Company raises aggregate
gross proceeds of more than $5,000,000 (a "Major Financing"), this Warrant shall
be exercisable for shares of the preferred stock sold in the first Major
Financing to close after the date hereof and shall have a per-share exercise
price equal to the lesser of (i) the per share price of the preferred stock sold
in such Major Financing and (ii) $1.98;

                  (b)      In the event that, after the date hereof, prior to
January 1, 2005 and prior to the closing of a Major Financing, the Company (i)
sells all or substantially all of its assets or (ii) merges, consolidates or
completes any other business combination transaction with or into

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another entity as a result of which the holders of the Company's outstanding
stock immediately prior to such transaction hold, immediately after such
transaction, stock representing less than 50% of the voting power of the
surviving entity (other than a merger effected solely for the purpose of
changing the domicile of the Company) (each an "Acquisition"), and the
consideration paid to the Company's stockholders in connection with such
Acquisition is either in the form of cash or equity securities traded on a
national securities exchange, or The Nasdaq Stock Market ("Publicly-Traded
Securities"), this Warrant shall, immediately prior to the closing of such
Acquisition, become exercisable for the Company's Series E Preferred Stock,
having the rights, preferences and privileges described in the Company's
then-current Certificate of Incorporation (the "Series E Preferred"), and shall
have a per-share exercise price equal to 33 1/3% of the fair market value of the
consideration paid for one share of Series E Preferred (or paid for the share(s)
of the Company's common stock issued upon conversion of one share of Series E
Preferred) valued as of the date of the closing of such Acquisition;

                  (c)      In the event that, after the date hereof, prior to
January 1, 2005 and prior to the closing of a Major Financing an Acquisition is
closed and the consideration paid to the Company's stockholders in connection
with such Acquisition is neither in the form of cash nor Publicly-Traded
Securities, this Warrant shall, immediately prior to the closing of such
Acquisition, become exercisable for Series E Preferred and shall have a
per-share exercise price equal to $0.60;

                  (d)      In the event that neither a Major Financing nor an
Acquisition is closed after the date hereof and prior to January 1, 2005, but
the Company does authorize and sell shares of a new series or class of
convertible preferred stock after the date hereof and prior to January 1, 2005,
as a result of which the Company raises aggregate gross proceeds of $5,000,000
or less (a "Minor Financing"), this Warrant shall be exercisable for shares of
the preferred stock sold in such Minor Financing having the lowest per-share
purchase price (as adjusted for stock splits and the like) between the date
hereof and January 1, 2005 and shall have a per-share exercise price equal to
the lesser of (i) the per share price of the preferred stock sold in such Minor
Financing and (ii) $1.98;

                  (e)      In the event that the Company closes an initial
public offering of its common stock pursuant to a registration statement under
the Securities Act in connection with which all outstanding shares of the
Company's preferred stock are converted into common stock (an "IPO") prior to
the closing of an Acquisition or a Major Financing, the Warrant Stock and the
Purchase Price will be determined in accordance with Section 1(d) above. In the
event that the Company closes its IPO prior to the closing of an Acquisition, a
Major Financing or a Minor Financing, this Warrant shall be exercisable for such
number of shares of Common Stock issuable upon conversion of 250,000 shares of
Series E Preferred immediately prior to such IPO closing (the "Conversion
Shares") and shall have a per-share exercise price equal to the lesser of (a)
$l.98 multiplied by the quotient obtained by dividing 250,000 by the Conversion
Shares and (b) 66 2/3% of the initial "Price to Public" per share specified in
the final prospectus filed in connection with the IPO.

                  (f)      In the event that, after the date hereof and as of
the end of business on December 31, 2004, the Company has not closed an
Acquisition, an IPO, a Major Financing or a

                                      -2-

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Minor Financing, the Warrant shall be exercisable for the Company's Series E
Preferred and shall have a per-share exercise price equal to $0.60.

         Once the nature of the Warrant Stock and the Purchase Price are
determined in accordance with this Section 1, the Company may issue to the
Registered Holder, and may require the Registered Holder to surrender this
Warrant in exchange for, a replacement warrant reflecting the nature of the
Warrant Stock and the Purchase Price so determined but identical in all other
respects. All components used in determining the purchase price as required by
this Section 1 shall be adjusted as necessary to reflect stock splits, stock
dividends and the like.

         2.       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 2(a) above. 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 2(d) below shall be deemed to have become
the holder or holders of record of the Warrant Stock represented by such
certificates.

                  (c)      NET ISSUE EXERCISE.

                           (i)      In lieu of exercising this Warrant in the
manner provided above in Section 2(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 Holder a number of shares of Warrant Stock computed using the following
formula:

                                      -3-

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                                    X =  Y (A - B)
                                         ---------
                                             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 the
                        Registered Holder elects to purchase under this
                        Warrant.

                  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  2(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 IPO, and if the Company's Registration Statement relating to such IPO
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 if the
Common Stock is traded on a nationally recognized securities exchange or The
Nasdaq Stock Market or actively traded over-the-counter:

                                             (1)      if the Company's Common
Stock is traded on a nationally recognized 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 thirty (30) day period ending three days
before 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 closing bid or sales price
(whichever is applicable) over the thirty (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 as determined in
good faith by the Company's Board of Directors, unless the Company is at such
time subject to an Acquisition, 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.

                                      -4-

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                  (d)      DELIVERY TO 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 Holder (upon payment by
such 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
2(a) or 2(c) above.

                  (e)      TAXES. The issuance of any Preferred Stock or other
securities upon the exercise of the Warrants will be made without charge or
offset to the Registered Holder for any stock issuance tax or stock transfer tax
imposed by a United States federal or state tax agency, other than taxes that
would not have been incurred but for Camelot Ventures, LLC's transfer of the
Warrant.

         3.       ADJUSTMENTS.

                  (a)      REDEMPTION OR CONVERSION OF PREFERRED STOCK. If all
of the 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 Preferred Stock shall be subdivided into a greater number of
shares or a dividend in Preferred Stock shall be paid in respect of 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 Preferred Stock shall 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

                                      -5-

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immediately prior to such adjustment, by (ii) the Purchase Price in effect
immediately after such adjustment.

                  (c)      RECLASSIFICATION, ETC. In case there occurs, on or
after the date hereof, (i) 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, (ii) a
merger, consolidation, or combination of the Company with or into another entity
as a result of which the Company is not the surviving entity in such transaction
(other than a merger effected solely for the purpose of changing the domicile of
the Company), or (iii) the sale of all or substantially all of the Company's
assets to any other person, then and in each such case the Registered Holder,
upon the exercise hereof at any time after the consummation of such
reclassification, change, reorganization, merger or sale, 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 Holder would have been entitled upon such consummation if
such Holder had exercised this Warrant immediately prior thereto, all subject to
further adjustment pursuant to the provisions of this Section 3.

                  (d)      DEFERRAL OF ADJUSTMENTS. Immediately following the
determination of the Warrant Stock and the Purchase Price in accordance with
Section 1 above, the number of shares of Warrant Stock issuable upon exercise of
this Warrant and the Purchase Price for this Warrant will be adjusted, as
necessary, to reflect adjustments that would have been made pursuant to Sections
3(a)-3(c) above had the Warrant Stock and Purchase Price been determined as of
the date of issuance of this Warrant.

                  (e)      ADJUSTMENT CERTIFICATE. When any adjustment is
required to be made in the Warrant Stock or the Purchase Price pursuant to this
Section 3, 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.

                  (f)      ACKNOWLEDGEMENT. In order to avoid doubt, it is
acknowledged that the holder of this Warrant shall be entitled to the benefit of
all adjustments in the number of shares of Common Stock of the Company issuable
upon conversion of the Preferred Stock of the Company which occur prior to the
exercise of this Warrant as a result of a dilutive issuance of capital stock.

         4.       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 of 1933, as amended
(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 Act as
to this Warrant,

                                      -6-

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such Warrant Stock or such Common Stock and registration and 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
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 Section
4(a) hereof and of Section 5 of the Purchase Agreement, this Warrant and all
rights hereunder are transferable 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 (i) in
part, (ii) to any entity that, in the Company's reasonable determination, is a
competitor of the Company and (iii) unless and until the transferee has
consented in writing to be bound by the "Market Stand Off" provisions of the
Company's Amended and Restated Investors' Rights Agreement (currently set forth
in Section 1.14 thereof).

                  (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.

         5.       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 13
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.

         6.       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) November 13, 2011 or (b) two (2)
years after the closing of the Company's IPO.

         7.       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, to subscribe for or purchase any shares of stock of any
class or any other securities, or to receive any other right, or

                                      -7-

<PAGE>

                  (b)      of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger 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 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.

         8.       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 4 hereof, issue and deliver to or upon the order of such 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.

         9.       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.

         10.      MAILING OF NOTICES. Any notice required or permitted pursuant
to this Warrant shall be in writing and shall be deemed sufficient upon receipt,
when delivered personally or sent by courier, overnight delivery service or
confirmed facsimile, or forty-eight (48) hours after being deposited in the
regular mail, as certified or registered mail (airmail if sent internationally),
with postage prepaid, addressed (a) if to the Registered Holder, to the address
of the Registered

                                      -8-

<PAGE>

Holder most recently furnished in writing to the Company and (b) if to the
Company, to the address set forth below or subsequently modified by written
notice to the Registered Holder.

         11.      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 with respect to the Warrant Stock.

         12.      NO FRACTIONAL SHARES. No fractional shares of Preferred Stock
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 Preferred Stock on the date of exercise, as determined in good faith by
the Company's Board of Directors.

         13.      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.

         14.      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.

         15.      GOVERNING LAW. This Warrant 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.

                                         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

                                      -9-

<PAGE>

                                    EXHIBIT A

                             PURCHASE/EXERCISE FORM

To:      RedEnvelope, Inc.                        Dated:

         The undersigned, pursuant to the provisions set forth in the attached
Warrant No. WAR28, 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 2(c) of such Warrant.

         The undersigned acknowledges that it has reviewed the representations
and warranties contained in Section 3 of the Purchase Agreement (as defined in
the Warrant) and by its signature below hereby makes such representations and
warranties to the Company as of the date hereof. Defined terms contained in such
representations and warranties shall have the meanings assigned to them in the
Purchase Agreement, provided that the term "Lender" shall refer to the
undersigned and the term "Securities" shall refer to the Warrant Stock and the
Common Stock of the Company issuable upon conversion of the Warrant Stock.

         The undersigned further acknowledges that it has reviewed the market
standoff provisions in the Company's Amended and Restated Investors' Rights
Agreement (currently set forth in Section 1.14 thereof) and agrees to be bound
by such provisions.

                                         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 __ Preferred
Stock covered thereby set forth below, unto:

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

Dated: _____________________           Signature: ___________________________

                                                  ___________________________

         __________________            Witness: _____________________________<PAGE>

                                                                     EXHIBIT 4.9

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL)
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
LAWS.

                                WARRANT AGREEMENT

                      To Purchase Shares of Common Stock of

                                REDENVLEOPE, INC.

              Dated as of February 10, 2000 (the "Effective Date")

         WHEREAS, RedEnvelope, Inc. a Delaware corporation (the "Company") has
entered into a Master Lease Agreement dated as of February 10, 2000, Equipment
Schedule No. VL-1 and Vl-2 dated as of February 10, 2000, and related Summary
Equipment Schedules (collectively, the "Leases") with Comdisco, Inc., a Delaware
corporation (the "Warrantholder"); and

         WHEREAS, the Company desires to grant to Warrantholder, in
consideration for such Leases, the right to purchase shares of its Common Stock;

         NOW, THEREFORE, in consideration of the Warrantholder executing and
delivering such Leases and in consideration of mutual covenants and agreements
contained herein, the Company and Warrantholder agree as follows:

1.       GRANT OF THE RIGHT TO PURCHASE COMMON STOCK.

         The Company hereby grants to the Warrantholder, and the Warrantholder
is entitled, upon the terms and subject to the conditions hereinafter set forth,
to subscribe to and purchase, from the Company, 9,272 fully paid and
non-assessable shares of the Company's Common Stock at a purchase price of
$4.853 per share (the "Exercise Price").

         The number and purchase price of such shares are subject to adjustment
as provided for in Section 8 hereof.

2.       TERM OF THE WARRANT AGREEMENT.

         Except as otherwise provided for herein, this Warrant and the right to
purchase Common Stock as granted herein shall commence on the Effective Date
and shall be exercisable for a period of (i) seven (7) years or (ii) upon the
sale, conveyance or disposal of all or substantially all of the Company's
property or business or the Company's merger 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 2 shall not apply to a merger effected exclusively for the purpose
of changing the domicile of the Company, or (iii) immediately upon the effective
date of the Company's initial public offering (through forced net issuance)
whichever is longer.

                  In connection with a termination pursuant to (iii) above, the
Company shall give the Warrantholder notice of its intention to file a
Registration Statement with the Securities and Exchange Commission (the
"Commission") not less than twenty (20) days prior to the anticipated filing
date of such Registration Statement. Following such notice, the Warrantholder
shall, within ten (10) days of receipt of such notice, give the Company notice
of any intention the Warrantholder has to exercise the Warrant. In the event
that the Warrantholder desires to exercise this Warrant, such notice shall
include the number of shares the Warrantholder intends to exercise and the
Warrantholder shall surrender this Warrant to the Company along with payment of
the applicable Purchase Price, unless the Company shall, in its discretion,
permit deferral of such payment; provided, however, that the actual exercise of
this Warrant may be, at the Warrantholder's discretion, solely conditioned on
(a) the filing of a Registration Statement with the Commission within thirty
(30) days following the Company's delivery of notice to the Warrantholder and
(b) the declaration of effectiveness of such Registration Statement by the
Commission within

<PAGE>

seventy-five (75) days following the filing thereof. In the event that either
(a) or (b) above does not occur following the submission by the Warrantholder of
a notice of exercise conditioned on such occurrence, this Warrant shall be
returned to the Warrantholder and shall remain in full force and effect, subject
to the terms and conditions hereof.

3.       EXERCISE OF THE PURCHASE RIGHTS.

         The purchase rights set forth in this Warrant Agreement are exercisable
by the Warrantholder in whole, at any time, or from time to time, prior to the
expiration of the term set forth in Section 2 above, by tendering to the Company
at its principal office a notice of exercise in the form attached hereto as
Exhibit I (the "Notice of Exercise"), duly completed and executed. Promptly upon
receipt of the Notice of Exercise and the payment of the purchase price in
accordance with the terms set forth below, and in no event later than twenty-one
(21) days thereafter, the Company shall issue to the Warrantholder a certificate
for the number of shares of Common Stock purchased and shall execute the
acknowledgment of exercise in the form attached hereto as Exhibit II (the
"Acknowledgment of Exercise") indicating the number of shares which remain
subject to future purchases, if any.

         The Exercise Price may be paid at the Warrantholder's election either
(i) by cash or check, or (ii) by surrender of Warrants ("Net Issuance") as
determined below. If the Warrantholder elects the Net Issuance method, the
Company will issue Common Stock in accordance with the following formula:

                     X = Y(A-B)
                     A

         Where: X =  the number of shares of Common Stock to be issued to the
                     Warrantholder.

                     Y =  the number of shares of Common Stock requested to be
                          exercised under this Warrant Agreement.

                     A =  the fair market value of one (1) share of Common
                          Stock.

                     B =  the Exercise Price.

         For purposes of the above calculation, current fair market value of
Common Stock shall mean with respect to each share of Common Stock:

                  (i)      if the exercise is in connection with an initial
         public offering of the Company's Common Stock, and if the Company's
         Registration Statement relating to such public offering has been
         declared effective by the SEC, then the fair market value per share
         shall be the initial "Price to Public" specified in the final
         prospectus with respect to the offering;

                  (ii)     if at any time the Common Stock is not listed on any
         securities exchange or quoted in the NASDAQ System or the
         over-the-counter market, the current fair market value of Common Stock
         shall be the highest price per share which the Company could obtain
         from a willing buyer (not a current employee or director) for shares of
         Common Stock sold by the Company, from authorized but unissued shares,
         as determined in good faith by its Board of Directors, unless the
         Company shall become subject to a merger, acquisition or other
         consolidation pursuant to which the Company is not the surviving party,
         in which case the fair market value of Common Stock shall be deemed to
         be the value received by the holders of the Company's Common Stock on a
         common equivalent basis pursuant to such merger or acquisition.

4.       RESERVATION OF SHARES.

         During the term of this Warrant Agreement, the Company will at all
times have authorized and reserved a sufficient number of shares of its Common
Stock to provide for the exercise of the rights to purchase Common Stock as
provided for herein.

5.       NO FRACTIONAL SHARES OR SCRIP.

         No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of the Warrant, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Exercise
Price then in effect.

                                      -2-

<PAGE>

6.       NO RIGHTS AS SHAREHOLDER.

         This Warrant Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder of the Company prior to the exercise of
the Warrant.

7.       WARRANTHOLDER REGISTRY.

         The Company shall maintain a registry showing the name and address of
the registered holder of this Warrant Agreement.

8.       ADJUSTMENT RIGHTS.

         The purchase price per share and the number of shares of Common Stock
purchasable hereunder are subject to adjustment, as follows:

         (a)      Merger and Sale of Assets. If at any time there shall be a
capital reorganization of the shares of the Company's stock (other than a
combination, reclassification, exchange or subdivision of shares otherwise
provided for herein), or a merger or consolidation of the Company with or into
another corporation whether or not the Company is the surviving corporation, or
the sale of all or substantially all of the Company's properties and assets to
any other person (hereinafter referred to as a "Merger Event"), then, as a part
of such Merger Event, lawful provision shall be made so that the Warrantholder
shall thereafter be entitled to receive, upon exercise of the Warrant, the
number of shares of Common stock or other securities of the successor
corporation resulting from such Merger Event, equivalent in value to that which
would have been issuable if Warrantholder had exercised this Warrant immediately
prior to the Merger Event. In any such case, appropriate adjustment (as
determined in good faith by the Company's Board of Directors) shall be made in
the application of the provisions of this Warrant Agreement with respect to the
rights and interest of the Warrantholder after the Merger Event to the end that
the provisions of this Warrant Agreement (including adjustments of the Exercise
Price and number of shares of Common Stock purchasable) shall be applicable to
the greatest extent possible.

         (b)      Reclassification of Shares. If the Company at any time shall,
by combination, reclassification, exchange or subdivision of securities or
otherwise, change any of the securities as to which purchase rights under this
Warrant Agreement exist into the same or a different number of securities of any
other class or classes, this Warrant Agreement shall thereafter represent the
right to acquire such number and kind of securities as would have been issuable
as the result of such change with respect to the securities which were subject
to the purchase rights under this Warrant Agreement immediately prior to such
combination, reclassification, exchange, subdivision or other change.

         (c)      Subdivision or Combination of Shares. If the Company at any
time shall combine or subdivide its Common Stock, the Exercise Price shall be
proportionately decreased in the case of a subdivision, or proportionately
increased in the case of a combination.

         (d)      Stock Dividends. If the Company at any time shall pay a
dividend payable in, or make any other distribution (except any distribution
specifically provided for in the foregoing subsections (a) or (b)) of the
Company's stock, then the Exercise Price shall be adjusted, from and after the
record date of such dividend or distribution, to that price determined by
multiplying the Exercise Price in effect immediately prior to such record date
by a fraction (i) the numerator of which shall be the total number of all shares
of the Company's stock outstanding immediately prior to such dividend or
distribution, and (ii) the denominator of which shall be the total number of all
shares of the Company's stock outstanding immediately after such dividend or
distribution. The Warrantholder shall thereafter be entitled to purchase, at the
Exercise Price resulting from such adjustment, the number of shares of Common
Stock (calculated to the nearest whole share) obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
shares of Common Stock issuable upon the exercise hereof immediately prior to
such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.

         (e)      Right to Purchase Additional Stock. If, the Warrantholder's
total cost of equipment leased pursuant to the Leases exceeds $1,000,000,
Warrantholder shall have the right to purchase from the Company, at the Exercise
Price (adjusted as set forth herein), an additional number of shares, which
number shall be determined by (i) multiplying the amount by which the
Warrantholder's total equipment cost exceeds $1,000,000 by 4.5%, and (ii)
dividing the product thereof by the Exercise Price per share referenced above.

         (f)      Antidilution Rights. If at any time after the Effective Date
the Company issues or sells, or is deemed by the provisions of Section
4(D)(I)(E) of the Certificate of Incorporation, as amended through the Effective

                                      -3-

<PAGE>

Date, (hereinafter "Charter") to have issued or sold Additional Stock (as
defined in the [charter), other than as otherwise adjusted for or excepted
pursuant to the Charter or pursuant to paragraphs (b), (c) and (d) hereof,
without consideration or for a price less than the Exercise Price per share,
then the Exercise Price shall be adjusted, from and after the date of such
issuance or sale, to that price determined by multiplying the Exercise Price in
effect immediately prior to such date of issuance or sale by a fraction (i) the
numerator of which shall be the total number of shares of the Outstanding Common
[(as defined in section 4(d)(I)(A) of the charter) immediately prior to such
issuance or sale plus the number of Shares of Common Stock that the aggregate
consideration received by the Corporation for such issuance would purchase at
such Conversion Price, and (ii) the denominator of which shall be the total
number of all shares of the outstanding common immediately after such issuance
or sale plus the number of shares of Additional Stock. The Warrantholder shall
then be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of shares of Common Stock (calculated to the nearest
whole share) obtained by multiplying the Exercise Price in effect immediately
prior to such adjustment by the number of shares of Common Stock issuable upon
the exercise hereof immediately prior to such adjustment and dividing the
product thereof by the Exercise Price resulting from such adjustment. The
Company shall provide Warrantholder with a certificate showing such adjustment
of Exercise Price prepared by [its Chief Financial Officer] by [first class
mail, postage prepaid] at the address as shown on the books of the Company.

         (g)      Notice of Adjustments. If: (i) the Company shall declare any
dividend or distribution upon its stock, whether in cash, property, stock or
other securities; (ii) the Company shall offer for subscription prorata to the
holders of any class of its Common Stock any additional shares of stock of any
class or other rights; (iii) there shall be any Merger Event; (iv) there shall
be an initial public offering; or (v) there shall be any voluntary dissolution,
liquidation or winding up of the Company; then, in connection with each such
event, the Company shall send to the Warrantholder: (A) at least twenty (20)
days' prior written notice of the date on which the books of the Company shall
close or a record shall be taken for such dividend, distribution, subscription
rights (specifying the date on which the holders of Preferred Stock shall be
entitled thereto) or for determining rights to vote in respect of such Merger
Event, dissolution, liquidation or winding up; (B) in the case of any such
Merger Event, dissolution, liquidation or winding up, at least twenty (20) days'
prior written notice of the date when the same shall take place (and specifying
the date on which the holders of Common Stock shall be entitled to exchange
their Common Stock for securities or other property deliverable upon such Merger
Event, dissolution, liquidation or winding up); and (C) in the case of a public
offering, the Company shall give the Warrantholder at least twenty (20) days
written notice prior to the effective date hereof.

         Each such written notice shall set forth, in reasonable detail, (i) the
event requiring the adjustment, (ii) the amount of the adjustment, (iii) the
method by which such adjustment was calculated, (iv) the Exercise Price, and (v)
the number of shares subject to purchase hereunder after giving effect to such
adjustment, and shall be given by first class mail, postage prepaid, addressed
to the Warrantholder, at the address as shown on the books of the Company.

         (h)      Timely Notice. Failure to timely provide such notice required
by subsection (g) above shall entitle Warrantholder to retain the benefit of the
applicable notice period notwithstanding anything to the contrary contained in
any insufficient notice received by Warrantholder. The notice period shall begin
on the date Warrantholder actually receives a written notice containing all the
information specified above.

9.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

EXCEPT AS SET FORTH IN THE SCHEDULE OF EXCEPTIONS ATTACHED HERETO AS EXHIBIT A,
THE COMPANY HEREBY REPRESENTS AND WARRANTS THAT:

         (a)      Reservation of Common Stock. The Common Stock issuable upon
exercise of the Warrantholder's rights has been duly and validly reserved and,
when issued in accordance with the provisions of this Warrant Agreement, will be
validly issued, fully paid and non-assessable, and will be free of any taxes,
liens, charges or encumbrances of any nature whatsoever; provided, however, that
the Common Stock issuable pursuant to this Warrant Agreement may be subject to
restrictions on transfer under state and/or Federal securities laws and that
certain Investors' Rights Agreement dated November 2, 1999 by and among the
Company and certain investors (the Investors' Rights Agreement"). The Company
has made available to the Warrantholder true, correct and complete copies of its
Charter and Bylaws, as amended, attached hereto as Exhibit IV. The issuance of
certificates for shares of Common Stock upon exercise of the Warrant Agreement
shall be made without charge to the Warrantholder for any issuance tax in
respect thereof, or other cost incurred by the Company in connection with such
exercise and the related issuance of shares of Common Stock. The Company shall
not be required to pay any tax which may be payable in respect of any transfer
involved and the issuance and delivery of any certificate in a name other than
that of the Warrantholder.

                                      -4-

<PAGE>

         (b)      Due Authority. The execution and delivery by the Company of
this Warrant Agreement and the performance of all obligations of the Company
hereunder, including the issuance to Warrantholder of the right to acquire the
shares of Common Stock, have been duly authorized by all necessary corporate
action on the part of the Company, and the Leases and this Warrant Agreement are
not inconsistent with the Company's Charter or Bylaws, do not contravene any law
or governmental rule, regulation or order applicable to it, do not and will not
contravene any provision of, or constitute a default under, any indenture,
mortgage, contract or other instrument to which it is a party or by which it is
bound, and this Warrant Agreement constitutes a legal, valid and binding
agreement of the Company, enforceable in accordance with its respective terms.

         (c)      Consents and Approvals. No consent or approval of, giving of
notice to, registration with, or taking of any other action in respect of any
state, Federal or other governmental authority or agency is required with
respect to the execution, delivery and performance by the Company of its
obligations under this Warrant Agreement, except for the filing of notices
pursuant to Regulation D under the 1933 Act and any filing required by
applicable state securities law, which filings will be effective by the time
required thereby.

         (d)      Issued Securities. All issued and outstanding shares of Common
Stock, Preferred Stock or any other securities of the Company have been duly
authorized and validly issued and are fully paid and nonassessable. All
outstanding shares of Common Stock, Preferred Stock and any other securities
issued by the Company were issued in full compliance with all Federal and state
securities laws. In addition, as the date hereof:

                  (i)      The authorized capital of the Company consists of (A)
         21,914,722 shares of Preferred Stock, of which 7,913,224 shares are
         designated Series A Preferred Stock of which all shares are issued and
         outstanding,4,510,000 shares are designated Series B Preferred Stock of
         which all shares are issued and outstanding, and 6,491,493 shares are
         designated Series C Preferred Stock of which all are issued and
         outstanding, and 3,000,000 shares are designated Series D Preferred
         Stock of which 2,060,581 shares are issued and outstanding and (B)
         35,000,000 shares of Common Stock of which _________ shares are issued
         and outstanding.

                  (ii)     The Company has reserved (A) 5,466,799 shares of
         Common Stock for issuance under its 1999 Stock Plan, under which ______
         options are outstanding. Except for a Warrant issued to Lighthouse
         Capital Partners III, L.P., and as set forth in the Investor's Rights'
         Agreement, there are no other options, warrants, conversion privileges
         or other rights presently outstanding to purchase or otherwise acquire
         any authorized but unissued shares of the Company's capital stock or
         other securities of the Company.

                  (iii)    Except as set forth in the Investors' Rights
         Agreement, no shareholder of the Company has preemptive rights to
         purchase new issuance's of the Company's capital stock.

         (e)      Other Commitments to Register Securities. Except as set forth
in this Warrant Agreement and the Investors' Rights Agreement, the Company is
not, pursuant to the terms of any other agreement currently in existence, under
any obligation to register under the 1933 Act any of its presently outstanding
securities or any of its securities which may hereafter be issued.

         (f)      Exempt Transaction. Subject to the accuracy of the
Warrantholder's representations in Section 10 hereof, the issuance of the Common
Stock upon exercise of this Warrant will constitute a transaction exempt from
(i) the registration requirements of Section 5 of the 1933 Act, in reliance upon
Section 4(2) thereof.

         (g)      Compliance with Rule 144. At the written request of the
Warrantholder, who proposes to sell Common Stock issuable upon the exercise of
the Warrant in compliance with Rule 144 promulgated by the Securities and
Exchange Commission, the Company shall furnish to the Warrantholder, within ten
(10) days after receipt of such request, a written statement confirming the
Company's compliance with the filing requirements of the Securities and Exchange
Commission as set forth in such Rule, as such Rule may be amended from time to
time.

10.      REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.

         This Warrant Agreement has been entered into by the Company in reliance
upon the following representations and covenants of the Warrantholder:

         (a)      Investment Purpose. The right to acquire Common Stock issuable
upon exercise of the Warrantholder's rights contained herein will be acquired
for investment and not with a view to the sale or distribution of any part
thereof, and the Warrantholder has no present intention of selling or engaging
in any public distribution of the same except pursuant to a registration or
exemption.

                                      -5-

<PAGE>

         (b)      Private Issue. The Warrantholder understands (i) that the
Common Stock issuable upon exercise of this Warrant is not registered under the
1933 Act or qualified under applicable state securities laws on the ground that
the issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 10.

         (c)      Disposition of Warrantholder's Rights. In no event will the
Warrantholder make a disposition of any of its rights to acquire Common Stock
issuable upon exercise of such rights unless and until (i) it shall have
notified the Company of the proposed disposition, and (ii) if requested by the
Company, it shall have furnished the Company with an opinion of counsel (which
counsel may either be inside or outside counsel to the Warrantholder)
satisfactory to the Company and its counsel to the effect that (A) appropriate
action necessary for compliance with the 1933 Act has been taken, or (B) an
exemption from the registration requirements of the 1933 Act is available.
Notwithstanding the foregoing, the restrictions imposed upon the transferability
of any of its rights to acquire Common Stock or Common Stock issuable on the
exercise of such rights do not apply to transfers from the beneficial owner of
any of the aforementioned securities to its nominee or from such nominee to its
beneficial owner, and shall terminate as to any particular share of Common Stock
when (1) such security shall have been effectively registered under the 1933 Act
and sold by the holder thereof in accordance with such registration or (2) such
security shall have been sold without registration in compliance with Rule 144
under the 1933 Act, or (3) a letter shall have been issued to the Warrantholder
at its request by the staff of the Securities and Exchange Commission or a
ruling shall have been issued to the Warrantholder at its request by such
Commission stating that no action shall be recommended by such staff or taken by
such Commission, as the case may be, if such security is transferred without
registration under the 1933 Act in accordance with the conditions set forth in
such letter or ruling and such letter or ruling specifies that no subsequent
restrictions on transfer are required. Whenever the restrictions imposed
hereunder shall terminate, as hereinabove provided, the Warrantholder or holder
of a share of Common Stock then outstanding as to which such restrictions have
terminated shall be entitled to receive from the Company, without expense to
such holder, one or more new certificates for the Warrant or for such shares of
Common Stock not bearing any restrictive legend.

         (d)      Financial Risk. The Warrantholder has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of its investment, and has the ability to bear the economic
risks of its investment.

         (e)      Risk of No Registration. The Warrantholder understands that if
the Company does not register with the Securities and Exchange Commission
pursuant to Section 12 of the 1933 Act, or file reports pursuant to Section
15(d) of the Securities Exchange Act of 1934 (the "1934 Act"), or if a
registration statement covering the securities under the 1933 Act is not in
effect when it desires to sell (i) the rights to purchase Common Stock pursuant
to this Warrant Agreement, or (ii) the Common Stock issuable upon exercise of
the right to purchase, it may be required to hold such securities for an
indefinite period. The Warrantholder also understands that any sale of its
rights of the Warrantholder to purchase Common Stock which might be made by it
in reliance upon Rule 144 under the 1933 Act may be made only in accordance with
the terms and conditions of that Rule.

         (f)      Accredited Investor. Warrantholder is an "accredited investor"
within the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

11.      TRANSFERS.

         Subject to the terms and conditions contained in Section 10 hereof,
this Warrant Agreement and all rights hereunder are transferable in whole by the
Warrantholder and any successor transferee, provided, however, in no event shall
the number of transfers of the rights and interests in all of the Warrants
exceed three (3) transfers and prior written notice is provided to the Company
and the Warrantholder has otherwise complied with Section 10(c). The transfer
shall be recorded on the books of the Company upon receipt by the Company of a
notice of transfer in the form attached hereto as Exhibit III (the "Transfer
Notice"), at its principal offices and the payment to the Company of all
transfer taxes and other governmental charges imposed on such transfer.

12.      MARKET STANDOFF

                                    (i)      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 WARRANTHOLDER 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 EXCEED 180 DAYS) FROM THE EFFECTIVE DATE OF SUCH
REGISTRATION AS MAY BE REQUESTED

                                      -6-

<PAGE>

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.

                                    (ii)     STOP-TRANSFER INSTRUCTIONS. IN
ORDER TO ENFORCE THE FOREGOING COVENANTS, THE COMPANY MAY IMPOSE STOP-TRANSFER
INSTRUCTIONS WITH RESPECT TO THE SECURITIES OF THE WARRANTHOLDER.

                                    (iii)    TRANSFEREES BOUND. THE
WARRANTHOLDER AGREES THAT PRIOR TO THE COMPANY'S INITIAL PUBLIC OFFERING IT WILL
NOT TRANSFER SECURITIES OF THE COMPANY UNLESS EACH TRANSFEREE AGREES IN WRITING
TO BE BOUND BY ALL OF THE PROVISIONS OF THIS SECTION 12(l).

13.      MISCELLANEOUS.

         (a)      Effective Date. The provisions of this Warrant Agreement shall
be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Warrant Agreement
shall be binding upon any successors or assigns of the Company.

         (b)      Attorney's Fees. In any litigation, arbitration or court
proceeding between the Company and the Warrantholder relating hereto, the
prevailing party shall be entitled to attorneys' fees and expenses and all costs
of proceedings incurred in enforcing this Warrant Agreement.

         (c)      Governing Law. This Warrant Agreement shall be governed by and
construed for all purposes under and in accordance with the laws of the State of
California without regard to conflicts of law considerations.

         (d)      Counterparts. This Warrant Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         (e)      Notices. Any notice required or permitted hereunder shall be
given in writing and shall be deemed effectively given upon personal delivery,
facsimile transmission (provided that the original is sent by personal delivery
or mail as hereinafter set forth) or seven (7) days after deposit in the United
States mail, by registered or certified mail, addressed (i) to the Warrantholder
at 6111 North River Road, Rosemont, Illinois 60018, attention: Venture Lease
Administration, cc: Legal Department, attn: General Counsel, (and/or, if by
facsimile, (847) 518-5465 and (847)518-5088) and (ii) to the Company at 201
Spear St. 3rd Floor, San Francisco, CA 94105, attention: Controller (and/or if
by facsimile, (415)371-1134) or at such other address as any such party may
subsequently designate by written notice to the other party.

         (f)      Remedies. In the event of any default hereunder, the
non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action
for damages as a result of any such default, and/or an action for specific
performance for any default where Warrantholder will not have an adequate remedy
at law and where damages will not be readily ascertainable.

         (g)      No Impairment of Rights. The Company will not, by amendment of
its Charter or through any other means, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate in order to protect the rights of the
Warrantholder against impairment.

         (h)      Survival. The representations, warranties, covenants and
conditions of the respective parties contained herein or made pursuant to this
Warrant Agreement shall survive the execution and delivery of this Warrant
Agreement.

         (i)      Severability. In the event any one or more of the provisions
of this Warrant Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closest to the intention of the parties underlying the invalid, illegal or
unenforceable provision.

         (j)      Amendments. Any provision of this Warrant Agreement may be
amended by a written instrument signed by the Company and by the Warrantholder.

         (k)      Additional Documents. The Company, upon execution of this
Warrant Agreement, shall provide the Warrantholder with certified resolutions
authorizing the reservation, issuance, and sale of the Warrant Agreement. The
Company shall also supply such other documents as the Warrantholder may from
time to time reasonably request.

                                      -7-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Warrant
Agreement to be executed by its officers thereunto duly authorized as of the
Effective Date.

                                     COMPANY:  REDENVELOPE, INC.

                                     By:    /s/ Illegible
                                            -------------------------

                                     Title: CEO
                                            -------------------------

                                     WARRANTHOLDER: COMDISCO, INC.

                                     By:    /s/ Illegible
                                            -------------------------

                                     Title: VP
                                            -------------------------

                                      -8-

<PAGE>

                                    EXHIBIT I

                               NOTICE OF EXERCISE

TO:      ____________________________

(1)      The undersigned Warrantholder hereby elects to purchase _______ shares
         of the Common Stock of _____________________' pursuant to the terms of
         the Warrant Agreement dated the ______ day of ________________________,
         20__ (the "Warrant Agreement") between _______________________________
         and the Warrantholder, and tenders herewith payment of the purchase
         price for such shares in full, together with all applicable transfer
         taxes, if any.

(2)      In exercising its rights to purchase the Common Stock of
         ________________________________________' the undersigned hereby
         confirms and acknowledges the investment representations and warranties
         made in Section 10 of the Warrant Agreement.

(3)      Please issue a certificate or certificates representing said shares of
         Common Stock in the name of the undersigned or in such other name as is
         specified below.

_________________________________
(Name)

_________________________________
(Address)

WARRANTHOLDER:  COMDISCO, INC.

By:      ____________________________

Title:   ____________________________

Date:    ____________________________

                                      -9-

<PAGE>

                                   EXHIBIT II

                           ACKNOWLEDGMENT OF EXERCISE

         The undersigned ____________________________________, hereby
acknowledge receipt of the "Notice of Exercise" from Comdisco, Inc., to purchase
____ shares of the Common Stock of _____________________, pursuant to the terms
of the Warrant Agreement, and further acknowledges that ______ shares remain
subject to purchase under the terms of the Warrant Agreement.

                                     COMPANY:

                                     By:    ___________________________

                                     Title: ___________________________

                                     Date:  ___________________________

                                      -10-

<PAGE>

                                   EXHIBIT III

                                 TRANSFER NOTICE

(TO TRANSFER OR ASSIGN THE FOREGOING WARRANT AGREEMENT EXECUTE THIS FORM AND
SUPPLY REQUIRED INFORMATION. DO NOT USE THIS FORM TO PURCHASE SHARES.)

         FOR VALUE RECEIVED, the foregoing Warrant Agreement and all rights
evidenced thereby are hereby transferred and assigned to

___________________________________________________________________
(Please Print)

whose address is  _________________________________________________

___________________________________________________________________

                           Dated:    ______________________________

                           Holder's Signature:   __________________

                           Holder's Address:     ___________________

                           _________________________________________

Signature Guaranteed:      _________________________________________

NOTE: The signature to this Transfer Notice must correspond with the name as it
      appears on the face of the Warrant Agreement, without alteration or
      enlargement or any change whatever. Officers of corporations and those
      acting in a fiduciary or other representative capacity should file proper
      evidence of authority to assign the foregoing Warrant Agreement.

                                      -11-

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