EXHIBIT 10.16
AGREEMENT
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This Agreement is entered into on March 7, 1997, between Empress Casino
Joliet Corporation ("Empress Joliet") and Empress Casino Xxxxxxx Corporation
("Empress Xxxxxxx"), to be effective as of January 1, 1997.
RECITALS
Each of the parties has entered into an Employment Agreement with Xxxxx X.
Xxxxx, Xx. ("Employee") to serve as President and Chief Executive Officer.
The parties contemplate that Employee will not receive duplicative
compensation or benefits for his service; rather, based upon the relative
efforts expended for each entity, his compensation and benefits will be
allocated between Empress Joliet and Empress Xxxxxxx.
For good and valuable consideration, the receipt and sufficiency of which
acknowledged, the parties agree as follows:
1. Consent. Empress Joliet and Empress Xxxxxxx each consent to Employee
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serving as President and Chief Executive Officer of both entities concurrently.
2. Allocation. Empress Joliet and Empress Xxxxxxx shall mutually agree
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upon the appropriate allocation of compensation and benefits associated with
Employee's service based upon the degree of effort expended for each entity. In
the absence of an express agreement otherwise, the cost of Employee's
compensation and benefits shall be shared equally by Empress Joliet and Empress
Xxxxxxx. Amounts advanced by either party in excess of its allocable portion
shall be reimbursed by the other party immediately on request.
EMPRESS CASINO JOLIET EMPRESS CASINO XXXXXXX
CORPORATION CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxx
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Its: Chairman of the Board Its: Chairman of the Board
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