Document:

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                                                                   Exhibit 10.26

Exhibit 10.26 Side Letter Agreement dated August 15, 2003

                                   AESP, INC.
                             1810 N.E. 144th Street
                           North Miami, Florida 33181

                                 August 15, 2003

VIA HAND DELIVERY
-----------------

CommerceBank, N.A.
220 Alhambra Circle
Coral Gables, FL  33146
Attention:  Alan L. Hills, Vice President

         Re:      Fifth Amendment to Loan Agreement

Dear Alan:

This letter will confirm the mutual agreement and understanding of AESP, Inc.
("AESP") and CommerceBank, N.A. ("CommerceBank") regarding the Fifth Amendment
to Loan Agreement, dated as of the 15th day of August, 2003 ("Loan Agreement")
and entered into between AESP and CommerceBank and that certain $1,900,000
Renewal Promissory Note, dated as of August 15, 2003 ("Note") that AESP has
delivered to CommerceBank. It is agreed by the parties that, even though the
Loan Agreement and the Note, and all related documents delivered by the parties
in connection with such Loan Agreement and Note, are dated "as of August 15,
2003" or "August 15, 2003," it is the intention of the parties that the Fifth
Amendment and the Note, and all related documents, shall be effective as of July
22, 2003.

Please confirm your understanding as to the agreements and understandings set
forth herein by signing where indicated in the space below.

                                       Very truly yours,

                                       AESP, INC.

                                       By: /s/ Roman Briskin
                                           -------------------------------------
                                           Roman Briskin, Vice President

AGREED AND ACKNOWLEDGED this 15th day of August, 2003

COMMERCEBANK, N.A.

By: /s/ Alan L. Hills
   -------------------------------
     Alan L. Hills, Vice President<PAGE>

                                                                 EXHIBIT 10.17.1

                                 AMENDMENT NO. 1
                           TO THE EMPLOYMENT AGREEMENT
                                       OF
                               GARY H. SCHOENFELD

         THIS AMENDMENT (the "Amendment") is entered into as of May 5, 2003, by
and between Vans, Inc., a Delaware corporation ("Vans"), and Gary H. Schoenfeld,
an individual, with respect to the following facts:

         A.       The parties previously executed and delivered that certain
Vans, Inc. Employment Agreement, dated as of June 1, 2002 (the "Employment
Agreement"); and

         B.       On May 5, 2003, the Compensation Committee of the Board of
Directors of Vans approved certain changes to the Employment Agreement and
authorized and directed the executive officers of Vans to execute and deliver an
amendment to the Employment Agreement which memorializes such changes.

         NOW, THEREFORE, the parties hereto agree as follows:

         1.       Amendments to the Employment Agreement. Sections 11.1 and 11.4
of the Employment Agreement are hereby deleted in their entirety and the
Sections attached hereto as Exhibit A are substituted therefor.

         2.       Remaining Provisions of the Employment Agreement. Except as
specifically set forth herein, the Employment Agreement shall be deemed
unchanged and remain and continue in full force and effect.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of May 5, 2003.

Vans, Inc.

By: /s/ Craig E. Gosselin                       /s/ Gary H. Schoenfeld
    -------------------------------         -------------------------------
                                                    Gary H. Schoenfeld
Title: Senior Vice President
       and General Counsel

<PAGE>

                                    EXHIBIT A

<PAGE>

         NEW SECTIONS 11.1 AND 11.4 TO THE EMPLOYMENT AGREEMENT

11.1 "At Will" Employment. This Agreement, and Employee's employment, is at
will, and the Company may, with or without notice, terminate this Agreement and
all of the Company's obligations hereunder with or without "Cause." Employee may
also terminate this Agreement at any time, for any reason, upon the giving of
thirty (30) days' written notice to the Company; provided, however, the Company
may waive all or any portion of such notice period in its sole and absolute
discretion. Termination by the Company for "Cause" means termination due to (i)
Employee's conviction of a felony (which, through the lapse of time or otherwise
is not subject to appeal) involving an act of fraud, dishonesty, or moral
turpitude; (ii) Employee's material refusal without proper cause to perform
adequately his obligations under this Agreement or follow the instructions of
his supervisor(s), after reasonable written notice and an opportunity to cure
within thirty (30) days of Employee's receipt of such notice; (iii) Employee's
knowing material breach of his fiduciary duty of loyalty as an executive officer
of the Company; (iv) Employee's material failure to adhere to the code of
conduct and rules set forth in the Company's Employee Handbook, as amended or in
existence from time to time, after reasonable written notice and an opportunity
to cure within thirty (30) days of Employee's receipt of such notice; (v) the
death or disability of Employee; or (vi) the voluntary termination by Employee
of his employment, except for "Good Reason" (as defined in Paragraph 11.3
hereof).

11.4 Severance Compensation. In the event (i) Employee terminates this Agreement
for Good Reason in accordance with Paragraph 11.3 hereof; or (ii) Employee is
terminated without Cause, the Company shall be obligated to pay severance
compensation to Employee in an amount equal to 1.99 times the sum of (a)
Employee's then current salary compensation plus (b) the highest amount of
bonuses earned by Employee in any fiscal year during the three fiscal years
immediately prior to such termination, or during the three fiscal years
immediately prior to the effective date of this Agreement (June 1, 2002), and
such severance compensation shall be "grossed up" for all federal and state
taxes payable thereon. In the event Employee is terminated without Cause, or
terminates this Agreement for Good Reason, within three (3) years of a "Change
in Management or Control" (as such term is defined in Paragraph 11.5 hereof),
the Company shall be obligated to pay severance compensation to Employee in an
amount equal to 2.99 times the sum of (a) Employee's then current salary
compensation, plus (b) the highest amount of bonuses earned by Employee in any
fiscal year during the three fiscal years prior to the Change in Management or
Control, or in any fiscal year in the three-year period immediately prior to the
effective date of this Agreement (June 1, 2002), and such severance compensation
shall be "grossed up" for all federal and state taxes payable thereon. In the
event that Employee is entitled to receive severance compensation pursuant to
this

<PAGE>

Paragraph 11.4, Employee shall have the option, in his sole discretion, to
receive such severance compensation in one lump sum. Additionally, if Employee
is entitled to receive severance compensation pursuant to this Paragraph 11.4,
Employee (a) shall be entitled to exercise the vested portion of any of his
Company stock options for a period of eighteen (18) months after the date of
termination and (b) the Company shall pay the reasonable cost of outplacement
services for Employee and also pay Employee (i) all compensation for services
rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii)
any appropriate business expenses incurred by Employee in connection with his
duties hereunder and approved pursuant to Section 4 hereof, all through the date
of termination. In addition, if Employee is terminated for any reason or resigns
his employment for any reason, he is entitled to received prompt payment of any
and all amounts earned but not yet paid under the Company's Long Term Executive
Bonus Plan.<PAGE>

                                                                 EXHIBIT 10.18.1

                               AMENDMENT NO. 1 TO
                         VANS, INC. EMPLOYMENT AGREEMENT

         THIS AMENDMENT NO. 1 TO VANS, INC. EMPLOYMENT AGREEMENT (the
"Amendment") is hereby entered into by and between Vans, Inc., a Delaware
corporation ("Vans"), and Walter E. Schoenfeld ("Employee") as of May 5, 2003,
with reference to the following facts:

                  A. Vans and Employee are parties to an Employment Agreement
dated as of June 1, 2002 (the "Employment Agreement"); and

                  B. On May 5, 2003, the Compensation Committee of the Board of
Directors of Vans: (i) approved a proposal to extend the term of the Employment
Agreement and provide certain retirement benefits to Employee for the remainder
of his life, and (ii) authorized and directed the officers of the Company to
execute and deliver an amendment to the Employment Agreement regarding the same.

         NOW, THEREFORE, the parties hereto agree as follows:

                  1.       Amendments to the Employment Agreement.

                           1.1      Section 2 Term of Employment. The term of
the Agreement is hereby extended to December 31, 2004.

                           1.2      Section 10 Benefits. The following is hereby
added to the end of Section 10 of the Agreement:

                           "Notwithstanding the expiration of this Agreement,
the Company shall pay: (i) the premiums for the health plans of which Employee
is a member and all health-related expenses which are not covered by such plans;
and (ii) the reasonable rental expense for an office for Employee in Seattle,
Washington, each for the remainder of his life (the "Post-Expiration Benefits");
provided that, the aggregate amount payable for the Post-Expiration Benefits
shall not exceed $40,000.00 per year, adjusted for changes in the Consumer Price
Index."

                           2. No Further Amendments. Except as specifically
provided in this Amendment, the Employment Agreement shall remain unmodified and
in full force and effect.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of May 5, 2003.

VANS:                                        EMPLOYEE:

Vans, Inc., a Delaware corporation

By: /s/ Craig Gosselin                       /s/ Walter E. Schoenfeld
    _______________________________              _______________________________
                                                 Walter E. Schoenfeld

Title: Senior Vice President
       ____________________________

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