UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 27, 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 (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
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)
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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:
|_| 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.
On February 26, 2007, the Compensation Committee of the Board of Directors of
iParty Corp. approved bonus payments in respect of fiscal 2006 to each of Sal
Perisano (iParty's Chief Executive Officer), Patrick Farrell (iParty's President
and Chief Financial Officer), and Dorice Dionne (iParty's Senior Vice President,
Merchandising) in amounts equal to 10% of their fiscal 2006 gross pay, in the
individual amounts set forth opposite each of their names below:
2006 Gross Pay 2006 Bonus
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Sal Perisano $296,874.89 $29,687.49
Patrick Farrell $192,499.97 $19,250.00
Dorice Dionne $178,124.96 $17,812.50
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Total $667,499.82 $66,749.98
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.
iPARTY CORP.
By: /s/ SAL PERISANO
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Sal Perisano
Chairman of the Board and
Chief Executive Officer
Dated: February 27, 2007