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
MARCH 11, 2010
Date of Report (Date of earliest event reported)
iPARTY CORP.
(Exact name of registrant as specified in its charter)
Delaware 001-15611 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)
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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 (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 Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2010 Incentive Compensation Plan
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On March 11, 2010, the Board of Directors of iParty Corp. ("iParty"), based
on the recommendation of the Compensation Committee, approved the 2010 Incentive
Compensation Plan ("2010 Bonus Plan"). Pursuant to the terms of the 2010 Bonus
Plan, each of the named executive officers is eligible to receive a bonus for
2010 of up to 20% of base salary if certain objective performance metrics are
met. The performance metrics are weighted as follows: 25% of the bonus is
dependent upon achievement of certain levels of growth in comparable store sales
over 2009 levels, 25% of the bonus upon the achievement of certain levels of
total sales and 50% of the bonus upon the achievement of certain levels of
EBITDA (earnings before interest, taxes, depreciation and amortization). If
iParty does not achieve a minimum level of performance for the particular
metric, the named executive officer would not be eligible to receive a bonus
amount with respect to that metric under the 2010 Bonus Plan.
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: March 17, 2010