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EXHIBIT 10(b)
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT to that certain Employment Agreement ("The Agreement"),
dated December 15, 1998, by and among The Sands Regent ("Sands"), a Nevada
corporation, and Xxxxxx X. Xxxxx, ("Executive"), is made and entered into as of
December 15, 1999.
WHEREAS, The Agreement has been extended under its terms until December
15, 2001; and
WHEREAS, Sands desires to secure the services of Executive, and
Executive is willing to provide such services, each upon the terms and subject
to the conditions set forth in The Agreement as amended herewith.
NOW, THEREFORE, in consideration of the premises, the parties agree to
modify Paragraph 5 of The Agreement to add subparagraph (d) to read as follows:
(d) In the event that a Change In Control, as defined in The
Agreement, has not taken place prior to December 15, 2000, Executive's
annual salary shall be increased to a rate of $370,000 per annum at
December 15, 2000 and thereafter shall receive annual salary reviews by
the Board of Directors provided that such salary shall not be reduced
below $370,000 per year. In the event that a Change In Control has
taken place prior to December 15, 2000, this subparagraph 5(d) shall be
null and void.
IN WITNESS WHEREOF, the parties have executed this Amendment as of
December 15, 1999.
THE SANDS REGENT EXECUTIVE
By: /s/ Xxxxx X. Xxxx /s/ Xxxxxx X. Xxxxx
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Xxxxx X. Xxxx Xxxxxx X. Xxxxx
Executive Vice President
