FIRST AMENDMENT TO CONSULTING AGREEMENT
Exhibit 10.3
FIRST AMENDMENT TO CONSULTING AGREEMENT
This FIRST AMENDMENT TO CONSULTING AGREEMENT (this “Amendment”) is entered into as of January,
2009, by and between GREEKTOWN CASINO, L.L.C., a Michigan limited liability company and a debtor
and debtor-in-possession under the Bankruptcy Code (the “Company”), and THE FINE POINT GROUP (the
“Consultant”).
W I T N E S S E T H:
WHEREAS, the Company and the Consultant entered into that certain Consulting Agreement dated
as of December 31, 2008 (the “Consulting Agreement”); and
WHEREAS, the Company and the Consultant desire to amend the Consulting Agreement.
NOW, THEREFORE, the Company and the Consultant agree as follows:
1. Amendment to Section 10.
Section 10 of the Consulting Agreement is hereby amended by adding the following sentence to
the end of the paragraph:
“Notwithstanding anything to the contrary in this Agreement, this Section 10 does
not provide for an exclusive remedy for any breach of Section 10 by the Consultant.”
2. Amendment to Appendix C.
The first paragraph in Appendix C of the Consulting Agreement is hereby deleted in its
entirety and replaced with the following:
“For any calendar quarter during 2009, the Success Fee shall equal: i) 10%
of the amount by which actual quarterly EBITDAR (as defined in the Company’s
DIP Credit Agreement subject to the clarification referenced below) exceeds
the amount referenced in column A for the corresponding quarter up to the
amount referenced in column B; plus ii) 30% of the amount by which actual
quarterly EBITDAR exceeds the amount referenced in column B for the
corresponding quarter.”
Except as set forth in this Amendment, the terms, agreements, rights and obligations under the
Consulting Agreement are not altered or affected in any manner and shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
| “COMPANY” | “CONSULTANT” | |||||
| Greektown Casino, L.L.C. | The Fine Point Group | |||||
By:
|
/s/ Xxxxxxxx X. Xxxxxxx
|
By: | /s/ Xxxxxxx X. Fine
|
|||
| Title: CFO | Title: Director | |||||
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