Document:

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                                                                     EXHIBIT 4.4

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT
BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
AVAILABLE WITH RESPECT THERETO.

                          COMMON STOCK PURCHASE WARRANT

Warrant No.  __________                                Number of Shares: 200,000

                                REDENVELOPE, INC.

                          Void after February 28, 2007

         1.  ISSUANCE. This Warrant is issued to LIGHTHOUSE CAPITAL PARTNERS III
       , L.P. by REDENVELOPE, INC., a Delaware corporation (hereinafter with its
successors called the "Company").

         2.  PURCHASE PRICE; NUMBER OF SHARES. The registered holder of this
Warrant (the "Holder"), commencing on the date hereof, is entitled upon
surrender of this Warrant with the subscription form annexed hereto duly
executed, at the principal office of the Company, to purchase from the Company
the following securities (collectively, the "Shares"):

                  (a) One Hundred and Fifty Thousand (150,000) fully paid and
nonassessable shares of Common Stock, $0.001 par value, of the Company (the
"Common Stock") at a price per share equal to $0.50; and

                  (b) Fifty Thousand (50,000) fully paid and nonassessable
shares of Common Stock at a price per share equal to the lesser of (i) the price
per share equal to the Fair Market Value (as defined in SECTION 4 below) of one
share of Common Stock, determined as of the closing of the Company's next round
of preferred stock equity financing raising at least $10,000,000 (the "Next
Round of Financing") on or before September 30, 2000 or (ii) $1.00 per share;
provided, however, that if the Company has not closed the Next Round of
Financing at the time of exercise or if the Company undergoes a Reorganization
(as defined in SECTION 11 below), the price per share pursuant to this SECTION
2(b) shall be $1.00.

The prices per share referred to in SECTIONS 2(a) and 2(b) above shall
collectively be referred to herein as the "Purchase Price."

Until such time as this Warrant is exercised in full or expires, the Purchase
Price and the securities issuable upon exercise of this Warrant are subject to
adjustment as hereinafter provided. The person or persons on whose name or names
any certificate representing shares of Common Stock is issued hereunder shall be
deemed to have become the holder of record of the shares represented thereby as
at the close of business on the date this Warrant is exercised with respect to
such shares, whether or not the transfer books of the Company shall be closed.

         3.  PAYMENT OF PURCHASE PRICE. The Purchase Price may be paid (i) in
cash or by check, (ii) by the surrender by the Holder to the Company of any
promissory notes or other obligations issued by the Company, with all such notes
and obligations so surrendered being credited against the Purchase Price in an
amount equal to the principal amount thereof plus accrued interest to the date
of surrender, or (iii) by any combination of the foregoing.

         4.  NET ISSUE ELECTION. The Holder may elect to receive, without the
payment by the Holder of any additional consideration, shares of Common Stock
equal to the net value of this Warrant or any portion hereof by the surrender of
this Warrant or such portion to the Company, with the duly executed net issue
election notice annexed

<PAGE>

hereto specifying whether the Shares for which such net issue election is made
shall be for Shares under SECTION 2(a) or SECTION 2(b) above, at the principal
office of the Company. Thereupon, the Company shall issue to the Holder such
number of fully paid and nonassessable shares of Common Stock as is computed
using the following formula:

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

         where:   X =      the number of shares of Common Stock to be issued to
                           the Holder pursuant to this SECTION 4.

                  Y =      the number of shares of Common Stock covered by this
                           Warrant in respect of which the net issue election is
                           made pursuant to this SECTION 4.

                  A =      the Fair Market Value (defined below) of one share of
                           Common Stock as determined at the time the net issue
                           election is made pursuant to this SECTION 4.

                  B =      the Purchase Price in effect under this Warrant (for
                           the shares for which the net issue election is made)
                           at the time the net issue election is made pursuant
                           to this SECTION 4.

"Fair Market Value" of a share of Common Stock as of a particular date (the
"Determination Date") shall mean:

                  (i)      If the net issue election is made in connection with
         and contingent upon the closing of the sale of the Company's Common
         Stock to the public in a public offering pursuant to a Registration
         Statement under the 1933 Act (a "Public Offering"), and if the
         Company's Registration Statement relating to such Public Offering
         ("Registration Statement") has been declared effective by the
         Securities and Exchange Commission, then the initial "Price to Public"
         specified in the final prospectus with respect to such offering.

                  (ii)     If the net issue election is not made in connection
         with and contingent upon a Public Offering, then as follows:

                           (A) If traded on a securities exchange or the Nasdaq
                  National Market, the fair market value of the Common Stock
                  shall be deemed to be the average of the closing or last
                  reported sale prices of the Common Stock on such exchange or
                  market over the five day period ending five business days
                  prior to the Determination Date;

                           (B) If otherwise traded in an over-the-counter
                  market, the fair market value of the Common Stock shall be
                  deemed to be the average of the closing ask prices of the
                  Common Stock over the five day period ending five business
                  days prior to the Determination Date; and

                           (C) If there is no public market for the Common
                  Stock, then fair market value shall be determined in good
                  faith by the Company's Board of Directors.

         5.  PARTIAL EXERCISE. This Warrant may be exercised in part, and the
Holder shall be entitled to receive a new warrant, which shall be dated as of
the date of this Warrant, covering the number of shares in respect of which this
Warrant shall not have been exercised.

         6.  FRACTIONAL SHARES. In no event shall any fractional share of Common
Stock be issued upon any exercise of this Warrant. 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
Common Stock on the date of exercise, as determined in good faith by the
Company's Board of Directors.

         7.  EXPIRATION DATE; AUTOMATIC EXERCISE; ACCELERATION OF TERM UPON
SALE OR MERGER OF THE COMPANY.

         (a) AUTOMATIC EXERCISE. This Warrant shall expire at the close of
business on March 31, 2007, and shall be void thereafter. Notwithstanding the
foregoing, this Warrant shall automatically be deemed to be exercised in full
pursuant to the provisions of Section 4 hereof, without any further action on
behalf of the Holder, immediately prior to the time this Warrant would
otherwise expire pursuant to the preceding sentence.

                                      -2-

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         (b) ACCELERATION OF TERM UPON SALE OR MERGER OF THE COMPANY.
Notwithstanding the term of this Common Stock Purchase Warrant fixed pursuant to
Section 7(a) hereof and provided Holder has received advance notice of at least
ten (10) days and has not earlier exercised, this Warrant shall automatically be
exercised in full pursuant to Section 4 hereof, without any action by Holder
immediately prior to the sale or other conveyance of all or substantially all of
the Company's assets, or the merger or consolidation of the Company with or into
another corporation (other than a merger or consolidation for the principle
purpose of changing the domicile of Company), that results in the transfer of
fifty percent (50%) or more of the outstanding voting power of the Company (a
"Sale of the Company").

         8.  RESERVED SHARES; VALID ISSUANCE. The Company covenants that it will
at all times from and after the date hereof reserve and keep available such
number of its authorized shares of Common Stock, free from all preemptive or
similar rights therein, as will be sufficient to permit the exercise of this
Warrant in full. The Company further covenants that such shares as may be issued
pursuant to such exercise will, upon issuance, be duly and validly issued, fully
paid and nonassessable and free from all taxes, liens and charges with respect
to the issuance thereof.

         9.  STOCK SPLITS AND DIVIDENDS. If after the date hereof the Company
shall subdivide the Common Stock, by split-up or otherwise, or combine the
Common Stock, or issue additional shares of Common Stock in payment of a stock
dividend on the Common Stock, the number of shares of Common Stock issuable on
the exercise of this Warrant shall forthwith be proportionately increased in the
case of a subdivision or stock dividend, or proportionately decreased in the
case of a combination, and the Purchase Price shall forthwith be proportionately
decreased in the case of a subdivision or stock dividend, or proportionately
increased in the case of a combination.

         10. ANTIDILUTION RIGHTS. The other antidilution rights applicable to
the Common Stock of the Company, if any, are set forth in the Third Amended and
Restated Certificate of Incorporation, as amended from time to time (the
"Certificate"), a true and complete copy in its current form which is attached
hereto as EXHIBIT A. Such rights shall not be restated, amended or modified in
any manner which affects the Holder differently than the holders of Common Stock
without such Holder's prior written consent. The Company shall promptly provide
the Holder hereof with any restatement, amendment or modification to the
Certificate promptly after the same has been made.

         11. MERGERS AND RECLASSIFICATIONS. Subject to Section 7(b), if after
the date hereof the Company shall enter into any Reorganization (as hereinafter
defined), then, as a condition of such Reorganization, lawful provisions shall
be made, and duly executed documents evidencing the same from the Company or its
successor shall be delivered to the Holder, so that the Holder shall thereafter
have the right to purchase, at a total price not to exceed that payable upon the
exercise of this Warrant in full, the kind and amount of shares of stock and
other securities and property receivable upon such Reorganization by a holder of
the number of shares of Common Stock which might have been purchased by the
Holder immediately prior to such Reorganization, and in any such case
appropriate provisions shall be made with respect to the rights and interest of
the Holder to the end that the provisions hereof (including without limitation,
provisions for the adjustment of the Purchase Price and the number of shares
issuable hereunder and the provisions relating to the net issue election) shall
thereafter be applicable in relation to any shares of stock or other securities
and property thereafter deliverable upon exercise hereof. For the purposes of
this Section 11, the term "Reorganization" shall include without limitation any
reclassification, capital reorganization or change of the Common Stock (other
than as a result of a subdivision, combination or stock dividend provided for in
Section 9 hereof), or any consolidation of the Company with, or merger of the
Company into, another corporation or other business organization (other than a
merger in which the Company is the surviving corporation and which does not
result in any reclassification or change of the outstanding Common Stock), or
any sale or conveyance to another corporation or other business organization of
all or substantially all of the assets of the Company or, a Sale of the Company.

                                      -3-

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         12. CERTIFICATE OF ADJUSTMENT. Whenever the Purchase Price is adjusted,
as herein provided, the Company shall promptly deliver to the Holder a
certificate of the Company's chief financial officer setting forth the Purchase
Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

         13. NOTICES OF RECORD DATE, ETC. In the event of:

                           (a) any taking by the Company of a record of the
holders of any class of securities for the purpose of determining the holders
thereof who are entitled to receive any dividend or other distribution, or any
right to subscribe for, purchase, sell or otherwise acquire or dispose of any
shares of stock of any class or any other securities or property, or to receive
any other right;

                           (b) any reclassification of the capital stock of the
Company, capital reorganization of the Company, consolidation or merger
involving the Company, or sale or conveyance of all or substantially all of its
assets then in each such event the Company will provide or cause to be provided
to the Holder a written notice thereof. Such notice shall be provided at least
ten (10) business days prior to the date specified in such notice on which any
such action is to be taken; or

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

then in each such event (unless otherwise stated above) the Company will provide
or cause to be provided to the Holder a written notice thereof. Such notice
shall be provided at least ten (10) days prior to the date specified in such
notice on which any such action is to be taken.

         14. REPRESENTATIONS, WARRANTIES AND COVENANTS. This Warrant is issued
and delivered by the Company and accepted by the Holder on the basis of the
following representations, warranties and covenants made by the Company:

                  (a) The Company has all necessary authority to issue, execute
and deliver this Warrant and to perform its obligations hereunder. This Warrant
has been duly authorized, issued, executed and delivered by the Company and is
the valid and binding obligation of the Company, enforceable in accordance with
its terms.

                  (b) The shares of Common Stock issuable upon the exercise of
this Warrant have been duly authorized and reserved for issuance by the Company
and, when issued in accordance with the terms hereof, will be validly issued,
fully paid and nonassessable.

                  (c) The issuance, execution and delivery of this Warrant do
not, and the issuance of the shares of Common Stock upon the exercise of this
Warrant in accordance with the terms hereof will not, (i) violate or contravene
the Company's Certificate or by-laws, or any law, statute, regulation, rule,
judgment or order applicable to the Company, (ii) violate, contravene or result
in a breach or default under any contract, agreement or instrument to which the
Company is a party or by which the Company or any of its assets are bound or
(iii) require the consent or approval of or the filing of any notice or
registration with any person or entity.

                  (d) As long as this Warrant is, or any shares of Common Stock
issued upon exercise of this Warrant are, issued and outstanding, the Company
will provide to the Holder the financial and other information described in
SECTION 6.3 of that certain Loan and Security Agreement between the Company and
Lighthouse Capital Partners III, L.P. dated as of March 6, 2000.

                  (e) As of the date hereof, the authorized capital stock of the
Company consists of (i) 35,000,000 shares of Common Stock, of which [3,980,831]
shares are issued and outstanding and 200,000 shares are reserved for issuance
upon the exercise of this Warrant, (ii) 7,913,224 shares of Series A Preferred
Stock, of which 7,694,809 are issued and outstanding shares, (iii) 4,510,000
shares of Series B Preferred Stock, of which 4,510,000 are issued and
outstanding shares, (iv) 6,491,498 shares of Series C Preferred Stock, of which
6,491,498 are issued and outstanding shares, and (v) 3,000,000 shares of Series
D Preferred Stock, of which 2,278,996 are issued and

                                      -4-

<PAGE>

outstanding shares. Attached hereto as EXHIBIT B is a capitalization table
summarizing the capitalization of the Company.

         15. REGISTRATION RIGHTS. The Company agrees to use its best efforts to
amend the Company's Amended and Restated Investors' Rights Agreement dated as of
November 2, 1999 (the "Registration Rights Agreement") as soon as reasonably
practicable following the date hereof, so that (i) the shares of Common Stock
issuable upon exercise of this Warrant shall be "Registrable Securities," and
(ii) the Holder shall be a "Holder" for all purposes of such Registration Rights
Agreement provided, however, that the Holder executes and becomes subject to the
terms and conditions of the Registration Rights Agreement as a Holder
thereunder.

         16. AMENDMENT. The terms of this Warrant may be amended, modified or
waived only with the written consent of the Holder and the Company.

         17. REPRESENTATIONS AND COVENANTS OF THE HOLDER. This Common Stock
Purchase Warrant has been entered into by the Company in reliance upon the
following representations and covenants of the Holder, which by its execution
hereof the Holder hereby confirms:

                  (a) INVESTMENT PURPOSE. This Warrant and the Common Stock
issuable upon exercise hereof (the "Securities") are being acquired for
investment for the Holder's own account and not with a view to the sale or
distribution of any part thereof, and the Holder has no present intention of
selling or engaging in any public distribution of the same.

                  (b) ACCREDITED INVESTOR. Holder is an "accredited investor"
within the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

                  (c) PRIVATE ISSUE. The Holder understands (i) that the Common
Stock issuable upon exercise of the Holder's rights contained herein is not
registered under the 1933 Act or qualified under applicable state securities
laws on the ground that the issuance contemplated by this Warrant 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 17.

                  (d) FINANCIAL RISK. The Holder has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of its investment, has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the
Securities and has the ability to bear the economic risks of its investment.

                  (e) RESTRICTED SECURITIES. The Holder understands that the
Securities are "restricted securities" under applicable U.S. federal and state
securities laws and that, pursuant to these laws, the Holder must hold the
Securities indefinitely unless they are registered with the Securities and
Exchange Commission and qualified by state authorities, or an exemption from
such registration and qualification requirements is available. The Holder
acknowledges that the Company has no obligation to register or qualify the
Securities for resale except as set forth in the Investors' Rights Agreement
with respect to Registrable Securities. The Holder further acknowledges that if
an exemption from registration or qualification is available, it may be
conditioned on various requirements including, but not limited to, the time and
manner of sale, the holding period for the Securities, and on requirements
relating to the Company which are outside of the Holder's control, and which the
Company is under no obligation and may not be able to satisfy.

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

                  (g) LEGENDS. The Holder understands that the Common Stock
issuable upon exercise of this Warrant, and any securities issued in respect
thereof or exchange therefor, may bear one or all of the following legends:

                                      -5-

<PAGE>

                           (i)      "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."

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

         18. NOTICES, TRANSFERS, ETC.

                  (a) Any notice or written communication required or permitted
to be given to the Holder may be given by certified mail or delivered to the
Holder at the address most recently provided by the Holder to the Company.

                  (b) Subject to compliance with applicable federal and state
securities laws, this Warrant may be transferred by the Holder with respect to
any or all of the shares purchasable hereunder. Upon surrender of this Warrant
to the Company, together with the assignment notice annexed hereto duly
executed, for transfer of this Warrant as an entirety by the Holder, the Company
shall issue a new warrant of the same denomination to the assignee. Upon
surrender of this Warrant to the Company, together with the assignment hereof
properly endorsed, by the Holder for transfer with respect to a portion of the
shares of Common Stock purchasable hereunder, the Company shall issue a new
warrant to the assignee, in such denomination as shall be requested by the
Holder hereof, and shall issue to such Holder a new warrant covering the number
of shares in respect of which this Warrant shall not have been transferred. In
no event, however, shall the Company be required to transfer this Warrant in
part unless the transferee acquires the right to purchase at least 10,000 shares
of stock hereunder (as adjusted pursuant to SECTION 9 and 11 above).

                  (c) In case this Warrant shall be mutilated, lost, stolen or
destroyed, the Company shall issue a new warrant of like tenor and denomination
and deliver the same (i) in exchange and substitution for and upon surrender and
cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost,
stolen or destroyed, upon receipt of an affidavit of the Holder or other
evidence reasonably satisfactory to the Company of the loss, theft or
destruction of such.

         19. NO IMPAIRMENT. The Company will not, by amendment of its
Certificate or through any reclassification, capital reorganization,
consolidation, merger, sale or conveyance of assets, dissolution, liquidation,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance of 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 action as may be necessary or appropriate in order to
protect the rights of the Holder.

         20. GOVERNING LAW. The provisions and terms of this Warrant shall be
governed by and construed in accordance with the internal laws of the State of
California without regard to its principles governing conflicts of laws.

         21. SUCCESSORS AND ASSIGNS. This Warrant shall be binding upon the
Company's successors and assigns and shall inure to the benefit of the Holder's
successors, legal representatives and permitted assigns.

         22. BUSINESS DAYS. If the last or appointed day for the taking of any
action required of the expiration of any rights granted herein shall be a
Saturday or Sunday or a legal holiday in California, then such action may be
taken or right may be exercised on the next succeeding day which is not a
Saturday or Sunday or such a legal holiday.

         23. VALUE. The Company and the Holder agree that the value of this
Warrant on the date of grant is $100.

                                      -6-

<PAGE>

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

         25. MARKET STAND-OFF AGREEMENT. Holder hereby agrees that, during the
period of duration (up to, but not exceeding, 180 days) specified by the Company
and an underwriter of Common Stock or other securities of the Company, following
the date of the final prospectus distributed in connection with a registration
statement of the Company filed under the 1933 Act, it shall not, to the extent
requested by the Company and such underwriter, directly or indirectly sell,
offer to sell, contract to sell (including, without limitation, any short sale),
grant any option to purchase or otherwise transfer or dispose of (other than to
donees who agree to be similarly bound) any securities of the Company held by it
at any time during such period except Common Stock included in such
registration; provided, however, that:

                  (a) such agreement shall be applicable only to the first such
registration statement of the Company which covers Common Stock (or other
securities) to be sold on its behalf to the public in an underwritten offering;
and

                  (b) all officers, directors and holders of more than 1% of the
outstanding equity securities of the Company and all other persons with
registration rights (whether or not pursuant to this Agreement) enter agreements
in the same form as the agreement executed by the Holder.

         In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the securities of every person
subject to the foregoing restriction until the end of such period, and the
Holder agrees that, if so requested, Holder will execute an agreement in the
form provided by the underwriter containing terms which are essentially
consistent with the provisions of this Section 25.

         Notwithstanding the foregoing, the obligations described in this
Section 25 shall not apply to a registration relating solely to employee benefit
plans on Form S-1 or Form S-8 or similar forms which may be promulgated in the
future, or a registration relating solely to an SEC Rule 145 transaction on Form
S-4 or similar forms which may be promulgated in the future.

Dated: March 9, 2000                                  REDENVELOPE, INC.

                                               By:   /s/ Tom Bazzone
                                                     -------------------------

                                               Name: Tom Bazzone

                                               Title: Chief operating officer

[CORPORATE SEAL]

Attest:

____________________________________

                                      -7-

<PAGE>

LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By: LIGHTHOUSE MANAGEMENT PARTNERS III, L.L.C., its general partner

    By: _____________________________________

    Name: ___________________________________

    Title:   Managing Member

           Counterpart Signature Page to Lighthouse Warrant

<PAGE>

                                  SUBSCRIPTION

To: ___________________________                           Date: ________________

         The undersigned hereby subscribes for _________________shares of Common
Stock covered by this Warrant. The certificate(s) for such shares shall be
issued in the name of the undersigned or as otherwise indicated below:

                         _______________________________
                                    Signature

                         _______________________________
                              Name for Registration

                         _______________________________
                                 Mailing Address

                            NET ISSUE ELECTION NOTICE

To: ___________________________                           Date: ________________

         The undersigned hereby elects under SECTION 4 to surrender the right to
purchase ______________shares of Common Stock under SECTION ___ of this Warrant.
The certificate(s) for such shares issuable upon such net issue election shall
be issued in the name of the undersigned or as otherwise indicated below:

                         _______________________________
                                    Signature

                         _______________________________
                              Name for Registration

                         _______________________________
                                 Mailing Address

                                       1

<PAGE>

                                   ASSIGNMENT

         For value received ______________________________________________hereby
sells, assigns and transfers unto ______________________________________________
________________________________________________________________________________
[Please print or typewrite name and address of Assignee]

the within Warrant, and does hereby irrevocably constitute and appoint__________
__________________ its attorney to transfer the within Warrant on the books of
the within named Company with full power of substitution on the premises.

Dated: _____________________________

In the Presence of:

____________________________________

                                       2<PAGE>
                                                                     EXHIBIT 4.5

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH
SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF
1933.
-------------------------------------------------------------------------------
Warrant No. PSF-2                                 Number of Shares: 235,080
Date of Issuance: September 6, 2002               (subject to adjustment)

                               REDENVELOPE, INC.

                   SERIES F PREFERRED STOCK PURCHASE WARRANT

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

     1.   EXERCISE.

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

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

<PAGE>
exercise as provided in Section 1(d) below shall be deemed to have become the
holder or holders of record of the Warrant Stock represented by such
certificates.

          (c)  NET ISSUE EXERCISE.

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

                                 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 purchasable under this
                Warrant (at the date of such calculation).

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

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

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

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

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

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

                                      -2-
<PAGE>
                    (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
30-day period ending three days before the date of calculation and (y) the
number of shares of Common Stock into which each share of Warrant Stock is
convertible on such date; or

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

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

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

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

     2.  ADJUSTMENTS.

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

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

                                      -3-

<PAGE>
simultaneously with the effectiveness of such subdivision or immediately after
the record date of such dividend be proportionately reduced. If outstanding
shares of Series F Preferred Stock shall be combined into a smaller number of
shares, the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be
proportionately increased. When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Stock purchasable upon the
exercise of this Warrant shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, multiplied by the Purchase Price
in effect immediately prior to such adjustment, by (ii) the Purchase Price in
effect immediately after such adjustment.

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

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

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

     3.  TRANSFERS.

          (a)  UNREGISTERED SECURITY.  Each holder of this Warrant acknowledges
that this Warrant, the Warrant Stock and the Common Stock of the Company have
not been registered under the Securities Act, and agrees not to sell, pledge,
distribute, offer for sale, transfer or otherwise dispose of this Warrant, any
Warrant Stock issued upon its exercise or any Common Stock issued upon
conversion of the Warrant Stock in the absence of (i) an effective registration
statement under the Securities Act as to this Warrant, such Warrant Stock or
such

                                      -4-

<PAGE>
Common Stock and registration or qualification of this Warrant, such Warrant
Stock or such Common Stock under any applicable U.S. federal or state
securities law then in effect, or (ii) an opinion of counsel, satisfactory to
the Company, that such registration and qualification are not required. Each
certificate or other instrument for Warrant Stock issued upon the exercise of
this Warrant shall bear a legend substantially to the foregoing effect.

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

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

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

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

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

          (b)  PURCHASE ENTIRELY FOR OWN ACCOUNT.  This Warrant is issued to
the Registered Holder in reliance upon the Registered Holder's representation
to the Company, which by the Registered Holder's acceptance of this Warrant,
the Registered Holder hereby confirms, that the Warrant to be acquired by the
Registered Holder, the Warrant Stock and the Common Stock to be issued upon the
conversion of the Warrant Stock (collectively, the "Securities") will be
acquired for investment for the Registered Holder's own account, not as a
nominee or agent, and not with a view to the resale or distribution of any part
thereof, and that

                                      -5-

<PAGE>
the Registered Holder has no present intention of selling, granting any
participation in, or otherwise distributing the same. By accepting this
Warrant, the Registered Holder further represents that the Registered Holder
does not presently have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to
any third person, with respect to any of the Securities. The Registered Holder
has not been formed for the specific purpose of acquiring the Securities.

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

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

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

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

     6.  Lock-up Agreement.

          (a)  Lock-up Period; Agreement. In connection with the initial public
offering of the Company's securities and upon request of the Company or the
underwriters managing such offering of the Company's securities, the Registered
Holder agrees not to sell,

                                      -6-

<PAGE>
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 by the
Company or such managing underwriters and to execute an agreement reflecting the
foregoing as may be requested by the underwriters at the time of the Company's
initial public offering.

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

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

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

     8.   NOTICES OF CERTAIN TRANSACTIONS. In case:

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

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

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

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

                                      -7-
<PAGE>
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.

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

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

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

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

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

                                      -8-

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

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

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

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

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

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

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

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

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

     23. DELAYS OR OMISSIONS. No delay or omission to exercise any right, power
or remedy accruing to any party under this Warrant, upon any breach or default
of any other party under this Warrant, shall impair any such right, power or
remedy of such non-breaching or non-defaulting party nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of
or in any similar breach or default thereafter occurring; nor shall any

                                      -9-

<PAGE>
waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any party of any breach or
default under this Warrant, or any waiver on the part of any party of any
provisions or conditions of this Warrant, must be in writing and shall be
effective only to the extent specifically set forth in such writing. All
remedies, either under this Warrant or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

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

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

                                        REDENVELOPE, INC.

                                        By:  /s/ illegible
                                            --------------------------------

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

                                        Fax Number: (415) 371-1134

Accepted and Agreed:

REGISTERED HOLDER

                                        LIGHTHOUSE CAPITAL PARTNERS III, L.P.

                                        By:  LIGHTHOUSE MANAGEMENT
                                             PARTNERS III, L.L.C.,
                                              its general partner
------------------------------------
LIGHTHOUSE CAPITAL PARTNERS III, L.P.

                                        By:  /s/ Dennis Ryan
                                            ---------------------------
Address:                                Name:  Dennis Ryan
        ----------------------------         --------------------------

Fax Number:                                    Chief Operating Officer
           -------------------------         --------------------------

                                      -10-

<PAGE>
                                   EXHIBIT A
                             PURCHASE/EXERCISE FORM

To:  REDENVELOPE, INC.             Dated:

     The undersigned, pursuant to the provisions set forth in the attached
Warrant No. PSF-2, hereby irrevocably elects to (a) purchase       shares of
the Preferred Stock covered by such Warrant and herewith makes payment of
$      , representing the full purchase price for such shares at the price per
share provided for in such Warrant, or (b) exercise such Warrant for
shares purchasable under the Warrant pursuant to the Net Issue Exercise
provisions of Section 1(c) of the Warrant.

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

                                   Signature:
                                             ---------------------------------

                                   Name (print):
                                                ------------------------------

                                   Title (if applic.):
                                                      ------------------------

                                   Company (if applic.):
                                                        ----------------------

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