Iparty Corp (Other) (8-K)
October 01 2007 - 4:38PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
September
26, 2007
Date
of
Report (Date of earliest event reported)
iPARTY
CORP.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-25507
|
76-0547750
|
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
|
|
|
|
270
Bridge Street, Suite 301, Dedham, Massachusetts
|
02026
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(781)
329-3952
(Registrant's
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
5.02.
|
Departure
of Directors or Principal Officers; Election of
Directors;
Appointment
of Certain Officers; Compensatory Arrangements of Certain
Officers.
|
As
previously disclosed in our Current Reports on Form 8-K filed on January
8 and
March 26, 2007, Patrick Farrell, who relocated from the Boston area to the
New
York City area for personal reasons earlier this year, has been serving as
President of iParty Corp. under an employment agreement with us which expires
on
November 15, 2007.
At
a
regularly-scheduled meeting of our Board of Directors on September 26, 2007,
the
Board determined not to take any action to extend or renew Mr. Farrell’s
employment agreement upon its expiration. Accordingly, Mr. Farrell’s
term as President of iParty will expire on November 15, 2007. We
currently expect the office of President to remain vacant for an indeterminate
period thereafter, during which time Mr. Farrell’s prior responsibilities will
be divided between our Chairman and Chief Executive Officer, Sal Perisano,
and
our Chief Financial Officer, David Robertson.
Mr.
Farrell holds vested options to purchase an aggregate of 970,087 shares of
our
common stock. Under the terms of the option plan and agreements,
these options would have expired on February 15, 2008, three months from
the
termination of Mr. Farrell’s employment on November 15,
2007. However, at the September 26 meeting, the Board, with the
approval and upon the recommendation of the Compensation Committee, voted
to
extend the expiration date of Mr. Farrell’s options for an additional six
months, to August 15, 2008.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
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iPARTY
CORP.
|
|
|
|
|
|
|
|
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By:
|
/s/
SAL PERISANO
|
|
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Sal
Perisano
|
|
|
|
|
Chairman
of the Board and
Chief
Executive Officer
|
|
|
|
|
|
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3
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