Exhibit 10.8
[iParty letterhead]
March 12, 1999
Xx. Xxxxxxx X. Xxxxxxx
000 Xxxx 00xx Xxxxxx, Xxx. 5B
New York, NY 10003
Dear Xxxxxxx:
This letter will confirm our agreement to hire you as Chief Financial Officer of
iParty Corp., effective April 3, 999. The basic terms of our agreement are as
follows:
1. Base compensation: $115,000 per year minimum; to be reviewed in July, 1999.
Initial term is 3/1/99 through 12/31/00.
2. Options: Options to purchase 115,000 shares of iParty common stock granted
as of 3/12/99, at a strike price of then market (approx. $5.00), and vesting
as follows: 50,000 shares on 8/1/99 and 65,000 shares on 2/1/00. Company
policy is to issue additional options annually in an amount equal to the
employee's base salary (at a minimum). Our counsel will prepare an option
agreement for your approval.
3. Vacation: Four weeks per year; no more than two weeks at a time.
4. Benefits: Medical, dental, and disability insurance coverage; and
participation in company 401(k) plan, all as defined in the company
handbook.
5. Severance: In the event that your employment is terminated by iParty for
reasons other than cause or violation of the company confidentiality
agreement (attached hereto), or in the event that you resign because your
duties have been substantially diminished, and provided you have been
employed by xXxxxx for at least three months, you will continue to be paid
at your full base salary rate for a period of three months from date of
termination, and at half your base salary rate for an additional three
months. Such severance payment will cease at such time as you obtain other
employment. iParty will pay to continue your health insurance coverage under
COBRA for six months from the date of termination (or, if lesser, until such
time as you obtain other employment).
6. Other: Such matters as paternity leave, optional benefits, travel and
entertainment policies, etc., are fully described in the company handbook.
If the above terms are agreeable to you, please sign a copy of this letter and
return it to me with a signed copy of the enclosed confidentiality agreement.
Xxxxxxx and I, as well as the members of the Board of Directors, are delighted
that you are joining the iParty team and we look forward to working with you.
Sincerely,
/s/ B.A. Xxxx, Xx.
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B.A. Xxxx, Xx.
Agreed:
/s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
