EXHIBIT 10.26
AMERICAN VANTAGE COMPANIES
0000 XXXX XXXX XXXX XXXXXXXXX, XXXXX 000
XXX XXXXX, XXXXXX 00000
October 25, 2002
Xx. Xxxxxx X. Xxxxxxxxx
0000 Xxxxxx Xxxxxx Xxxxx
Xxx Xxxxx, Xxxxxx 00000
Re: Employment Agreement
Dear Xxxxxx:
This letter shall serve to confirm and memorialize our
agreement that the option (the "April 2002 Option") granted to you pursuant to
Paragraph 5(c)(ii) of the Employment Agreement, dated as of April 1, 2002 (the
"Employment Agreement"), between American Vantage Companies ("AVC") and you, to
purchase 10,726 shares of common stock of AVC at a purchase price of $2.49 per
share, exercisable commencing on April 1, 2002 and expiring on March 31, 2012,
as evidenced by the Incentive Stock Option Agreement, dated April 1, 2002,
between AVC and you, has been cancelled, voided and nullified, effective as of
July 31, 2002; and you agree that you shall have no further right to purchase
shares of AVC's common stock pursuant to Paragraph 5(c)(ii) of the Employment
Agreement.
If the foregoing accurately reflects our agreement with
respect to the cancellation of the April 2002 Option, please indicate such by
signing your name in the space indicated for such below.
Very truly yours,
American Vantage Companies
By: /s/ Xxxxxx Xxxx
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Xxxxxx Xxxx, Member and Representing
Compensation Committee
Acknowledged and accepted
as of the date first set forth above:
/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
