In conjunction with his resignation, Mr. DeLuca and the Company entered into a Severance and General Release Agreement (the "Severance Agreement"). Pursuant to the Severance Agreement, the Company will pay to Mr. DeLuca a total of $175,000 as a severance payment, of which $11,666.67 has been paid. Mr. DeLuca will also be entitled, for a period of 3 months following the Effective Date, to exercise an option to purchase 125,000 shares of the Company's common stock at an exercise price of $1.50. The Company will reimburse Mr. DeLuca $89,000 for a contracted New York apartment and its partial furnishings. As part of the Severance Agreement, Mr. DeLuca has agreed to release the Company from any employment related claims and has agreed that he will not compete with the Company for a period of 12 months
"In conjunction with his resignation, Mr. DeLuca and the Company entered into a Severance and General Release Agreement dated October 17, 2012." I guess we will wait to see the 8-K later for the terms.