Document:

Exhibit
10.2

iParty
Corp.

OPTION
CANCELLATION AGREEMENT

THIS AGREEMENT,
made as of the eighth day of December, 2006 (the “Cancellation Date”), between
iParty Corp., a Delaware corporation (“iParty”), and Patrick Farrell (the “Grantee”).

WHEREAS, there are
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 (the “Board”) has 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;

WHEREAS, iParty
has granted Grantee, among other stock option grants, (i) a stock option on
October 10, 1999 exercisable for 75,000 shares of iParty’s common stock at an
exercise price of $3.81 per share, and (ii) a stock option on April 4, 1999
exercisable for 115,000 shares of iParty’s common stock at an exercise price of
$3.63 per share;

WHEREAS, the
Grantee has offered to cancel the two stock option grants described above
exercisable for an aggregate of 190,000 shares with an exercise price equal to
or greater than $3.63 per share without any further consideration apart from
that that would inure or arise from the fact that iParty would thereby be
afforded the ability and opportunity to increase the number of shares available
for future issuance under the Plan in respect of iParty’s anticipated
requirements for employee, management, executive, and director compensation;
and

WHEREAS, the
Grantee and iParty hereby acknowledge and recognize that while the Grantee
shall remain eligible for consideration for future grants to be made by iParty
under the Plan, each of the Grantee and iParty, by executing and delivering this
Agreement, also hereby explicitly acknowledge and recognize that no agreement,
understanding, or arrangement between them currently exists regarding future
grants, if any, to the Grantee under the Plan.

NOW, THEREFORE, in
consideration of good and adequate consideration, the receipt and sufficiency
of which are hereby acknowledged, iParty and the Grantee mutually agree as
follows:

1.             Cancellation of Option.

iParty and the Grantee
each hereby agree that any and all rights and options of the Grantee to purchase
all or any part of the aggregate of 190,000 shares of iParty common stock
pursuant to the two stock option grants described in the recitals above shall
cease and be terminated effective as of the Cancellation Date and that each of
such options to purchase said aggregate of 190,000 shares of iParty common
stock shall be deemed cancelled in full and of no further force and effect.

2.             Modification and
Termination of Prior Agreement.

This Agreement shall be
deemed to have the effect of immediately modifying and terminating as of the
Cancellation Date any prior agreement by and between iParty and the Grantee in
respect of the subject matter hereof.

3.             Governing Law.

The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Delaware without giving effect to the conflicts of
laws principles thereof.

4.             Successors in Interest.

This Agreement shall
inure to the benefit of and be binding upon any successor to iParty. This
Agreement shall inure to the benefit of and be binding upon the Grantee’s legal
representatives. All obligations imposed upon and all rights released and
relinquished by the Grantee and all rights granted to iParty under this
Agreement shall be final, binding and conclusive upon the Grantee’s heirs,
executors, administrators and successors.

5.             Resolution of Disputes.

Any dispute or
disagreement which may arise under, or as a result of, or in any way relate to,
the interpretation, construction or application of this Agreement shall be
determined by the Board. Any determination made hereunder shall be final,
binding and conclusive on the Grantee and Corporation for all purposes.

	
  

  	
  iPARTY CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ SAL PERISANO

  	
   

  
	
   

  	
   

  	
     Sal Perisano

  
	
   

  	
   

  	
     Chairman of the Board and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and
  Accepted by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ PATRICK
  FARRELL

  	
   

  	
   

  
	
  Patrick FarrellExhibit
10.3

iParty
Corp.

OPTION
CANCELLATION AGREEMENT

THIS AGREEMENT,
made as of the eighth day of December, 2006 (the “Cancellation Date”), between
iParty Corp., a Delaware corporation (“iParty”), and Dorice Dionne (the “Grantee”).

WHEREAS, there are
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 (the “Board”) has 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;

WHEREAS, iParty
has granted Grantee, among other stock option grants, a stock option on March
29, 1999 exercisable for 337,500 shares of iParty’s common stock at an exercise
price of $3.75 per share;

WHEREAS, the
Grantee has offered to cancel the stock option grant described above
exercisable for said 337,500 shares with an exercise price equal to $3.75 per
share without any further consideration apart from that that would inure or
arise from the fact that iParty would thereby be afforded the ability and
opportunity to increase the number of shares available for future issuance
under the Plan in respect of iParty’s anticipated requirements for employee,
management, executive, and director compensation; and

WHEREAS, the
Grantee and iParty hereby acknowledge and recognize that while the Grantee
shall remain eligible for consideration for future grants to be made by iParty
under the Plan, each of the Grantee and iParty, by executing and delivering
this Agreement, also hereby explicitly acknowledge and recognize that no
agreement, understanding, or arrangement between them currently exists
regarding future grants, if any, to the Grantee under the Plan.

NOW, THEREFORE, in
consideration of good and adequate consideration, the receipt and sufficiency
of which are hereby acknowledged, iParty and the Grantee mutually agree as
follows:

1.             Cancellation of Option.

iParty and the Grantee
each hereby agree that any and all rights and options of the Grantee to
purchase all or any part of the 337,500 shares of iParty common stock pursuant
to the stock option grants described in the recitals above shall cease and be
terminated effective as of the Cancellation Date and that each of such options
to purchase said 337,500 shares of iParty common stock shall be deemed
cancelled in full and of no further force and effect.

2.             Modification and
Termination of Prior Agreement.

This Agreement shall be
deemed to have the effect of immediately modifying and terminating as of the
Cancellation Date any prior agreement by and between iParty and the Grantee in
respect of the subject matter hereof.

3.             Governing Law.

The validity,
interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of Delaware without giving effect to the
conflicts of laws principles thereof.

4.             Successors in Interest.

This Agreement shall
inure to the benefit of and be binding upon any successor to iParty. This
Agreement shall inure to the benefit of and be binding upon the Grantee’s legal
representatives. All obligations imposed upon and all rights released and
relinquished by the Grantee and all rights granted to iParty under this Agreement
shall be final, binding and conclusive upon the Grantee’s heirs, executors,
administrators and successors.

5.             Resolution of Disputes.

Any dispute or
disagreement which may arise under, or as a result of, or in any way relate to,
the interpretation, construction or application of this Agreement shall be
determined by the Board. Any determination made hereunder shall be final,
binding and conclusive on the Grantee and Corporation for all purposes.

	
  

  	
  iPARTY CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PATRICK FARRELL

  	
   

  
	
   

  	
   

  	
     Patrick Farrell

  
	
   

  	
   

  	
     President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and
  Accepted by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ DORICE
  DIONNE

  	
   

  	
   

  
	
  Dorice DionneEXHIBIT
10.1

Summary of 2007 Director Compensation

The compensation program for non-employee directors of United Dominion
Realty Trust, Inc. consists of a combination of cash retainers for board and
committee service and long-term incentives in the form of service-based
restricted stock.  Total pay associated
with cash retainers and restricted stock is targeted at peer group median
levels.  Annual retainers for board and
committee service are set at competitive levels in recognition of the time
commitments and responsibility levels associated with serving on public company
boards within the current environment.

For 2007, each non-employee director will receive an annual retainer
fee of $50,000 ($100,000 for a non-employee chairman of the board of directors),
which may be taken in cash or shares of restricted common stock.  Non-employee directors, other than committee
chairpersons, also receive an annual retainer fee of $7,500 for each committee
on which they serve.  The chairpersons of
each of the Audit, Compensation and Governance Committees receive an annual
retainer fee of $15,000.  These fees will
be paid in January 2007.

On January 2, 2007, each non-employee director will also receive a
grant of $90,000 in value of shares of restricted stock ($180,000 for a
non-employee chairman of the board of directors) priced at the closing price of
our common stock on the date of the grant. 
The shares of restricted stock will vest one-third on each anniversary
of the date of grant.  Directors are
entitled to receive dividends during the vesting period; however, any unvested
shares at the end of the three-year vesting period will be returned to us and
cancelled.

Directors who are also employees of United Dominion Realty Trust, Inc.
receive no additional compensation for service as a director.

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