Exhibit 10.15
[XXXXX HOTELS & CASINO RESORTS, INC. LETTERHEAD]
August 4, 2000
Xx. Xxxx X. Xxxxx
[ADDRESS]
Re: Second Amendment of the Employment Agreement dated March 6, 1998
between Xxxx X. Xxxxx and Xxxxx'x Castle Associates, as assigned to
Xxxxx Xxx Xxxxx Associates and amended effective as of January 3, 2000
the "Agreement")
Dear Xx. Xxxxx:
This letter will confirm our agreement to further amend the Agreement as
follows:
1. This Amendment shall be effective as of July 1, 2000, and the
Expiration Date shall be July 31, 2003, subject to Xxxxx'x option
pursuant to new Paragraph 13.a. below.
2. Paragraph 1 is hereby amended to confirm your employment as President
and Chief Executive Officer of each of Xxxxx Xxx Xxxxx Associates,
Xxxxx Plaza Associates, Trump's Castle Associates and Xxxxx Indiana,
Inc. (subject to necessary licensing by the Indiana Gaming Commission).
3. In consideration for this Amendment, Paragraph 2.a, as previously
amended, is hereby deleted in its entirety and replaced as follows:
a. During the term of this Agreement, you shall be paid
an annual salary at the rate of One Million
($1,000,000) Dollars commencing effective as of July
1, 2000, payable periodically in accordance with
Xxxxx'x regular payroll practices. Said annual salary
shall increase to One Million One Hundred Thousand
Dollars ($1,100,000) commencing January 1, 2001 and
to One Million Two Hundred Thousand ($1,200,000)
Dollars commencing January 1, 2002.
4. Paragraph 13 is hereby deleted and replaced in its entirety with the
following:
x. Xxxxx, in its sole discretion, shall have the right
and option to extend the Expiration Date to July 31,
2005. Xxxxx agrees to notify you in writing one
hundred and eighty (180) days prior to the Expiration
Date as set forth herein of Xxxxx'x decision to
exercise such option. In the event Xxxxx exercises
such option, your annual salary shall be
