iParty Corp. Independent Director Compensation Arrangements Effective June 4, 2008
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Summary
iParty Corp. has established compensation terms for its independent directors, effective after their election at the June 4, 2008 annual meeting. Each independent director will receive a stock option to purchase 25,000 shares at $0.29 per share, vesting quarterly over one year. Additionally, each director will be paid $25,000 in cash, plus annual committee fees ranging from $10,000 to $25,000, all paid in quarterly installments. These arrangements are governed by iParty's 1998 Stock Option Plan.
EX-10.1 2 a5751443ex10-1.htm EXHIBIT 10.1 a5751443ex10-1.htm
Exhibit 10.1
iParty Corp.
COMPENSATION ARRANGEMENTS WITH INDEPENDENT DIRECTORS FOR SERVICE
COMMENCING AFTER ELECTION AT THE ANNUAL MEETING OF STOCKHOLDERS
JUNE 4, 2008
Equity Compensation
Each independent director (i.e., each of Daniel DeWolf, Frank Haydu, Eric Schindler, and Joseph Vassalluzzo) shall be granted an option as of June 4, 2008 exercisable for the purchase of 25,000 shares of iParty's common stock in respect of his service as a director. Each such option shall have an exercise price equal to $0.29 per share, the market price of iParty's common stock at the close of business on the grant date (i.e., June 4, 2008) and shall vest quarterly in equal parts over one year, vesting in full on June 4, 2009.
Each of these stock option grants shall be made pursuant to iParty's Amended and Restated 1998 Incentive and Non-qualified Stock Option Plan.
Cash Compensation
Each independent director shall be paid $25,000 in cash, payable in equal quarterly installments, for his service as a director for the year beginning on the date of his election at the stockholders meeting on June 4, 2008.
Each independent director shall be paid an annual fee of the following amount in cash, payable in equal quarterly installments, for service on the various committees of the Board of Directors:
| Joseph Vassalluzzo | $25,000 |
| Eric Schindler | $10,000 |
| Daniel DeWolf | $10,000 |
| Frank Haydu | $20,000 |
