SEPARATION AGREEMENTSeparation Agreement • March 24th, 2008 • Ascendia Brands, Inc. • Perfumes, cosmetics & other toilet preparations • New Jersey
This Separation Agreement (this “Agreement”) is effective as of this 21st day of March, 2008 (the “Effective Date”), by and among Joseph A. Falsetti (the “Executive”), Dana Holdings, LLC (together with its owners, members, managers, affiliates, subsidiaries, successors and assigns, “Dana”), Prentice Capital Management, LP (together with its owners, members, managers, affiliates, subsidiaries, successors and assigns, “Prentice”), and Ascendia Brands, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), concerning the termination of the Executive’s employment with the Company. Terms used in this Agreement but not specifically defined herein shall have the same meaning as in the Employment Agreement (defined below).WHEREAS, the Company and the Executive entered into an Employment Agreement dated February 12, 2007 (the “Employment Agreement”); and
