June 16, 1995
Xx. Xxxxxx X. Xxxxxxxxxxxx
00 Xxxxxxxx
Xxxxxx Xxxxx, XX 00000
Re: Employment by Xxxxx'x Castle
Dear Xxx:
This letter will set forth the terms of your continued
employment by Xxxxx'x Castle Associates ("TCA"), the owner
and operator of Xxxxx'x Castle Casino Resort ("Xxxxx'x
Castle"). In the event your employment is terminated by TCA
for any reason other than cause, TCA shall, upon the
execution of a release agreement, pay you an amount equal to
twelve (12) months of your then current salary and shall
reimburse you for your COBRA insurance coverage expenses for
twelve (12) months. TCA shall be deemed to have terminated
you without cause, should any of the following occur without
your consent:
1. A work assignment which requires a physical relocation
of your primary workplace to any location other than
Xxxxx'x Castle; or
2. Any diminution of your responsibilities, authority or
status within TCA's table of organization; or
3. A reduction in your salary; or
4. Any other material change in such terms of your
employment as were in effect as of the date of this
letter.
For purposes of this provision, "cause" shall be defined to
mean the following: a breach by you of any material employee
conduct rule; an act of dishonesty; the deliberate and
intentional refusal by you to perform your duties as
assigned; illegal drug use or addiction; you disability,
which is defined to be any condition prohibiting you from
performing your duties hereunder for a period in excess of
thirty (30) days; or your death.
You understand that this letter sets forth a specific term of
your employment only and is not an employment agreement. TCA
and you will always have an employment at-will relationship
which means that either you or TCA may choose to end your
employment at any time. Additionally, your employment will
be subject to the terms and conditions of Xxxxx'x Castle's
Employee Handbook.
The terms set forth herein shall be binding upon and inure to
the benefit of any successor to or assignee of the interests
of TCA.
We look forward to having you continue on the Trump's Castle
team.
Very truly yours,
By: /s/ Xxxxx X. Xxxxxx
_________________________
Xxxxx X. Xxxxxx
President/Chief Operating Office
RPW:4
