Exhibit 10.26
[LOGO]
CASTLE BRANDS
August 2, 2005
Xx. Xxx Xxxxxx
Director, Castle Brands Inc.
Victoria House
Haddington Road
Dublin 4
Ireland
Dear Xxx:
Based on our letter agreement of February 15, 2005 (the "Agreement"), we have
mutually agreed that you would become a consultant to Castle Brands Inc,
("CBI"), effective March 11, 2005, on the terms outlined in the Agreement. This
supplemental consulting agreement has been drafted to clarify several items, at
the request of our Irish Counsel.
1. CONSULTING STATUS - As a consultant, you are no longer be an employee, as
it relates to Irish tax, employment law or employment benefits.
2. TAX RELEASE - As a consultant, you assume the responsibility for any
employment taxes, income taxes or other levies that may become due as a
result of your consulting, but with the understanding that we will
reimburse you for any VAT payments, to the extent that you are required to
charge VAT.
3. RELEASE - As a consultant, you accept payment under the Agreement, in full
payment and satisfaction of all of your claims, rights and interests
against CBI, its subsidiaries and affiliates, except for any vested
benefits under any employment benefit plan(s) & or the loan notes, patent
income and payments due to which you may be entitled, and you hereby
release and forever discharge CBI, its subsidiaries and affiliates and
their respective past and preset officers, directors, employees,
representatives, agents, attorneys, successors and assigns from all claims
and liabilities of in relation to your employment, including but not
limited to all actions, causes of actions, suits, debts, sums of money,
attorneys' fees, costs or other claims whatsoever, known or unknown, at law
or in equity, that you now have or will ever have arising out of any event,
action or inaction occurring prior to or on the effective date of the
Agreement. Without limiting the generality of the foregoing, you
specifically release and discharge any and all claims and causes of action
arising from your employment at CBI arising out of all applicable Irish or
United States laws and regulations.
Xx. Xxx Xxxxxx
July 21, 2005
Page 2
We look forward to continue working with you in this new relationship. Please
indicate your acceptance of the terms hereof by signing and returning the
enclosed copies of the Agreement and this letter.
Very best regards,
Castle Brands Inc. Castle Brands Spirits Group Limited
By: /s/ Xxxx Xxxxxxx By: /s/ Xxxxxxx XxxXxxxxxx
------------------------------------ ---------------------------------
Name: Xxxx Xxxxxxx Name: Xxxxxxx XxxXxxxxxx
Title: Chairman and CEO Title: Chief Financial Officer
Accepted and agreed
as of the date first written above:
/s/ Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx
