EXHIBIT 10.16
December 11, 2002
Xx. Xxxx X. Xxxxx
[ADDRESS]
Re: Third Amendment of Employment Agreement dated March 6, 1998, as amended
(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 the date hereof and the
Expiration Date shall be December 31, 2006.
2. In consideration for this Amendment, Paragraph 2.a, as previously
amended, is hereby deleted in its entirety and replaced as follows:
During the term of this Agreement, you shall be paid an annual salary
at the rate of One Million Five Hundred Thousand ($1,500,000) Dollars
commencing January 1, 2003, payable periodically in accordance with
Trump's regular payroll practices. Said annual salary shall increase
to One Million Six Hundred Thousand Dollars ($1,600,000) commencing
January 1, 2004, to One Million Seven Hundred Thousand ($1,700,000)
Dollars commencing January 1, 2005, and to One Million Eight Hundred
Thousand ($1,800,000) Dollars commencing January 1, 2006.
3. Paragraph 13 of the Agreement dated March 6, 1998 is reinstated in its
entirety.
Except to the extent modified herein, you hereby ratify the Agreement and
confirm 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
---------------------------------------
XXXXXX X. XXXXX
Chairman
Trump's Castle Associates
Xxxxx Xxx Xxxxx Associates
Xxxxx Plaza Associates
Xxxxx Indiana, Inc.
DJT/njd
Agreed to this 11th day of December, 2002
/s/ XXXX X. XXXXX
--------------------------------
XXXX X. XXXXX
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
Trump's 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
-------------------
XXXXXX X. XXXXX
Chairman
Trump's 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
-----------------
XXXX X. XXXXX
