Exhibit 10.2
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this "Agreement") is being made as of this 22th day
of March, 2007 between iPARTY CORP., a Delaware corporation (the "Company") and
DORICE DIONNE, an individual residing at 288 Huron Avenue, Cambridge,
Massachusetts (the
"Executive").
W I T N E S S E T H:
WHEREAS, the Company and the Executive previously entered into an employment
agreement dated as of March 26, 2002, which agreement was amended and restated
as of March 14, 2004 (the "Prior Employment Agreement"); and
WHEREAS, the Company and the Executive desire to enter into a new Employment
Agreement effective as of April 1, 2007.
NOW, THEREFORE, in consideration of the mutual premises and agreements contained
herein, and intending to be legally bound hereby, the parties hereto agree as
follows:
1.
TERM OF EMPLOYMENT.
(A)
EXCEPT FOR EARLIER TERMINATION AS PROVIDED IN SECTION 11 HEREOF,
THE EXECUTIVE'S EMPLOYMENT UNDER THIS AGREEMENT SHALL BE FOR A PERIOD COMMENCING
ON APRIL 1, 2007 AND EXPIRING ON MARCH 31, 2010 (THE "EMPLOYMENT TERM").
(B)
ON OR ABOUT SEPTEMBER 30, 2009 THE COMPANY SHALL PROVIDE THE
EXECUTIVE WITH WRITTEN NOTICE REGARDING WHETHER OR NOT THE COMPANY INTENDS TO
SEEK TO EXTEND THE EMPLOYMENT TERM.
A NOTICE WHICH STATES THAT THE COMPANY
INTENDS TO SEEK TO EXTEND THE EMPLOYMENT TERM IS REFERRED TO HEREIN AS A
"RENEWAL NOTICE" AND A NOTICE WHICH STATES THAT THE COMPANY DOES NOT INTEND TO
SEEK TO EXTEND THE EMPLOYMENT TERM IS REFERRED TO HEREIN AS A "NON-RENEWAL
NOTICE."
IF THE COMPANY DELIVERS A NON-RENEWAL NOTICE, THE PERIOD OF TIME FROM
THE DATE OF THE DELIVERY OF THE NON-RENEWAL NOTICE TO THE EXPIRATION OF THE
EMPLOYMENT TERM IS REFERRED TO HEREIN AS THE "TRANSITION PERIOD."
IF THE
COMPANY DELIVERS A RENEWAL NOTICE TO THE EXECUTIVE (I) THE EMPLOYMENT TERM SHALL
AUTOMATICALLY BE EXTENDED FOR A PERIOD OF SIX (6) MONTHS AND (II) THE COMPANY
AND THE EXECUTIVE SHALL SEEK TO NEGOTIATE THE TERMS OF A NEW, MUTUALLY AGREEABLE
EMPLOYMENT AGREEMENT.
SUCH SIX (6) MONTH EXTENSION PERIOD, IF (AND ONLY IF)
APPLICABLE, IS REFERRED TO HEREIN AS THE "EXTENSION PERIOD," AND DURING THE
EXTENSION PERIOD, IF (AND ONLY IF) APPLICABLE, ALL REFERENCES HEREIN TO THE
EMPLOYMENT TERM SHALL INCLUDE THE EXTENSION PERIOD.
2.
DUTIES, RESPONSIBILITIES AND POSITIONS.
(A)
DURING THE EMPLOYMENT TERM, THE EXECUTIVE SHALL SERVE AS SENIOR
VICE PRESIDENT - MERCHANDISING OF THE COMPANY AND PERFORM ALL DUTIES AND ACCEPT
ALL RESPONSIBILITIES INCIDENTAL TO SUCH POSITION, AS MAY BE ASSIGNED TO HER FROM
TIME TO TIME.
THE EXECUTIVE SHALL BE SUBJECT AT ALL TIMES TO THE GENERAL
SUPERVISION, ORDERS, ADVICE AND DIRECTION OF THE CHIEF EXECUTIVE OFFICER OF THE
COMPANY.
THE EXECUTIVE SHALL ALSO COOPERATE FULLY WITH THE BOARD OF DIRECTORS
OF THE COMPANY (THE "BOARD") AND OTHER EXECUTIVE OFFICERS OF THE COMPANY.
(B)
UPON TERMINATION OF THE EXECUTIVE'S EMPLOYMENT FOR ANY REASON, THE
EXECUTIVE SHALL BE DEEMED TO HAVE RESIGNED FROM ANY OTHER OFFICE OR OFFICES
WITHIN THE COMPANY AND ANY SUBSIDIARY OF THE COMPANY THAT THE EXECUTIVE MAY