AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment"), effective as of the 1st
day of June, 1999, by and between PENN NATIONAL GAMING, INC., a Pennsylvania
corporation, with its principal offices at 000 Xxxxxxxxx Xxxxxxxxx, Xxxxx 000,
Xxxxxxxxxx, Xxxxxxxxxxxx 00000 (the "Company") and Xxxxx X. Xxxxxxx, individual
residing at 3 Open Hearth Drive, Reading, Pennsylvania 19607 (the "Employee").
B A C K G R O U N D
Company and Employee are parties to an Employment Agreement dated as of April
12, 1994 (the "Employment Agreement") and desire to amend the Employment
Agreement as set forth in this Amendment. In consideration of their mutual
promises and covenants set forth herein, and intending to be legally bound
hereby, Company and Employee agree as follows:
1. Paragraphs 2, 3 and 10 of the Employment Agreement be and the same is
hereby amended and restated in its entirety as follows:
2. Term. The term of this Agreement shall continue from year to year or sooner
terminated in accordance with the provisions of Paragraph 11 of this Agreement.
3. Compensation. For all services rendered by Employee under this Agreement,
Company agrees to pay Employee a salary at the annual rate of $380,000 ("Annual
Salary"), payable in weekly installments, plus such additional compensation and
bonuses as may be awarded from time to time to Employee by the Board of
Directors of Company.
10. Death. In the event of the death of the Employee during the term of this
Agreement, this Agreement shall terminate effective as of the date of the
Employee's death, and the Company shall not have any further obligation or
liability hereunder except that the Company shall pay to Employee's designated
beneficiary or, if none, his estate (i) the portion, if any, of the Employee's
Annual Salary, and any reimbursements, for the period up to the end of the month
of Employee's date of death which remains unpaid, and (ii) the amount of
Employee's Annual Salary in effect at the time of his death, for a period of
twenty four months following the date of Employee's death in equal bi-weekly
installments, which death benefit shall be in addition to any life insurance
carried or paid for by Company on the life of Employee.
2. The Employment Agreement, except as amended hereby, shall continue in full
force and effect in accordance with the terms and provisions thereof.
IN WITNESS WHEREOF, this Amendment has been executed by the parties as of the
date first above written.
PENN NATIONAL GAMING, INC.
BY: /s/ Xxxxxxx X. Xxxx
XXXXXXX X. XXXX,
President and COO
/s/ Xxxxx X. Xxxxxxx
XXXXX X. XXXXXXX
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