iparty (ipt)

[Buqqq]

Nice run today, .45 to about .88

I think its because of the filing today,
On December 8, 2006, iParty Corp. and each of Sal Perisano, Patrick Farrell, and Dorice Dionne entered into option cancellation agreements pursuant to which outstanding stock options exercisable for a combined aggregate of 1,324,730 shares of iParty common stock and exercisable for an exercise price of $2.00 per share or greater were cancelled effective as of such date. Mr. Perisano, who serves as iParty’s Chairman of the Board and Chief Executive Officer, agreed to cancel stock options exercisable in the aggregate for a total of 797,230 shares. Mr. Farrell, who serves as iParty’s President and Chief Financial Officer, agreed to cancel stock options exercisable in the aggregate for a total of 190,000 shares. Ms. Dionne, iParty’s Senior Vice President, Merchandising and Marketing, agreed to cancel stock options exercisable in the aggregate for a total of 337,500 shares.

Mr. Perisano, Mr. Farrell, Ms. Dionne and iParty agreed to execute and deliver the option cancellation agreements as a result of the fact that there had been approximately 300,000 shares available for future issuance under the iParty Amended and Restated 1998 Stock Incentive and Nonqualified Stock Option Plan (the “Plan”), which iParty’s board of directors determined to be an insufficient number of shares for future issuance in respect of iParty’s anticipated needs regarding employee, management, executive, and director compensation. The combined aggregate of 1,324,730 shares that had been exercisable pursuant to the stock options cancelled by Mr. Perisano, Mr. Farrell and Ms. Dionne will now be available for future issuance under the Plan.

In executing and delivering each stock option cancellation agreement, iParty and each of Mr. Perisano, Mr. Farrell, and Ms. Dionne, acknowledged and recognized that while each of Mr. Perisano, Mr. Farrell, and Mr. Dionne shall remain eligible for consideration for future grants to be made by iParty under the Plan, each such executive officer and iParty, by executing and delivering the option cancellation agreement, also explicitly acknowledged and recognized that no agreement, understanding, or arrangement between them currently exists regarding future grants, if any, to such executive officer under the Plan.