ITEM 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

(e)

On June 17, 2009, certain key executives, employees, and directors of IA Global, Inc. (the "Company") voluntarily cancelled stock option grants to purchase common stock totaling 5,439,583 shares. The grants were previously issued on various dates and prices above $.13 per share.

On June 17, 2009, the Compensation Committee awarded stock option grants totaling 5,439,583 shares to certain key executives, employees, and directors. The grants were priced at $.05 per share, the close price on June 16, 2009, the date before the scheduled Compensation Committee meeting. In accordance with the 2007 Stock Incentive Plan, the grants are vested immediately and expire on June 16, 2019. The stock options were granted to provide a proper incentive for employees, officers and directors and to reduce the cost of the stock option grants over the next three years.