Exhibit 10.72
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[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
Page Two
One Million Three Hundred Thousand ($1,300,000)
Dollars commencing August 1, 2003 and shall increase
to One Million Four Hundred Thousand ($1,400,000)
August 1, 2004. In the event you are not notified of
Xxxxx'x exercise of such option to extend said
Agreement as provided herein, you shall be free to
contact other potential employers and to discuss
possible employment to begin after the Expiration
Date.
b. In the event Xxxxx exercises its option pursuant to
Paragraph 13.a. and extends the Expiration Date as
provided therein, Xxxxx agrees to begin negotiations
for any further extension or renewal of the Agreement
no later than January 31, 2005. You agree to notify
Xxxxx within ninety (90) days of the provision of
said proposed extension or renewal of the Agreement
as to whether the proposed terms are acceptable or
whether you are requesting amendments or further
modifications. In the event you are not notified of
an intent to renew or extend said Agreement as set
forth herein, you shall be free to contact other
potential employers and to discuss possible
employment to begin after the Expiration Date.
5. Paragraph 14.a.(ii) is hereby deleted in its entirety.
Except to the extent modified herein, you hereby
ratify the Agreement and agree that all other such
terms, conditions and obligations contained therein
remain in full force and effect as stated in the
Agreement.
Very truly yours,
/s/ Xxxxxx X. Xxxxx
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XXXXXX X. XXXXX
Chairman
Xxxxx'x Castle Associates
Xxxxx Xxx Xxxxx Associates
Xxxxx Plaza Associates
Xxxxx Indiana, Inc.
DJT/vls
Agreed to this _____ day of July, 2000
/s/ Xxxx X. Xxxxx
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XXXX X. XXXXX
