SEPARATION AGREEMENT AND RELEASESeparation Agreement • March 18th, 2008 • Vertical Branding, Inc. • Real estate • California
Reference is hereby made to the following: (i) that certain employment agreement by and between Vertical Branding, Inc. f/k/a MFC Development Corp. (hereinafter “VBI,” or the “Company”) and Alan H. Gerson (hereinafter “Executive” and/or “AG”) dated as of July 15, 2006 (the “Employment Agreement”); (ii) that certain Amendment 1 to Gerson Employment Agreement by and between Executive and the Company and dated July 10, 2007 (”Amendment 1”); (iii) that certain stock option agreement by and between Executive and the Company with a Grant Date of July 27, 2006, memorializing Executive’s option to purchase up to one (1) million shares of Company common stock on the terms and conditions stated therein (the “July 2006 Option”); (iv) that certain stock option agreement by and between Executive and the Company with a Grant Date of March 16, 2007, memorializing Executive’s option to purchase up to two hundred thousand shares of Company common stock on the terms and conditions stated therein (the “M
