AZTAR CORPORATION
0000 Xxxx Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
February 25, 1998
Xxxxxx X. Xxxxxxx
Executive Vice President and
Chief Financial Officer
Aztar Corporation
0000 Xxxx Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
Dear Xx. Xxxxxxx:
By letter agreement dated July 6, 1995 (the "Severance
Agreement"), Aztar Corporation (the "Corporation") agreed to provide you
with certain severance benefits in the event your employment with the
Corporation terminated in a Qualifying Termination (as defined in the
Severance Agreement). In consideration of your valuable services to the
Corporation and in order to induce you to continue your employment with the
Corporation, the Corporation and you hereby agree to amend the Severance
Agreement by amending and restating clause ii) of Section 7.1 of the
Severance Agreement in its entirety, as follows:
"ii) in lieu of any further salary or other pay-
ments to you under any agreement for periods subsequent
to the Date of Termination, the Corporation shall pay
as severance pay to you, at the time specified in
Section 7.2, a lump sum severance payment (together
with the payments provided in Sections 7.1(iii) and
7.1(iv) below, the "Severance Payments") equal to 300%
of your base salary as in effect as of the Date of
Termination and 300% of the average of the annual
bonuses awarded to you pursuant to the Corporation's
performance bonus plan (the "Bonus Plan"), or
any successor bonus plan thereto, with respect to the
three (3) fiscal years (or your total years of
employment with the Corporation, if less than three
(3)) preceding the Date of Termination;"
If this letter sets forth our agreement on the subject matter
hereof, kindly sign and return to the Corporation the enclosed copy of this
letter, which shall then constitute our agreement on this subject.
Sincerely,
AZTAR CORPORATION
By XXXX X. XXXXXX
Xxxx X. Xxxxxx
Chairman of the Board, President and
Chief Executive Officer
Agreed to this of 24th day
of March 1998.
X. XXXXXXX
Xxxxxx X. Xxxxxxx
Address: Xxxxxx X. Xxxxxxx
Executive Vice President and
Chief Financial Officer
c/o Aztar Corporation
0000 Xxxx Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
