1
DRAFT 4/6/98
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement, dated April [], 1998, effective
March 1, 1998, is by and between GTECH Holdings Corporation, a Delaware
Corporation; GTECH Corporation, a Delaware corporation; and Xxxxxxx X.
X'Xxxxxx.
WHEREAS, the parties are parties to that certain Amended and Restated Employment
Agreement dated September 19, 1997 (the "Agreement"); and
WHEREAS, in light of Xx. X'Xxxxxx'x ascension to the Chairmanship of the Boards
of Directors of both GTECH Corporation and GTECH Holdings Corporation and the
increased responsibilities in connection therewith, the parties now desire to
amend the Agreement to reflect certain changes in the terms and provisions
thereof.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants
herein contained, the parties hereto hereby covenant and agree as follows:
1. Section 5(a) of the Agreement is hereby amended by substituting "$600,000"
for "$550,000" in the third line thereof.
3. Section 5(b) of the Agreement is hereby amended by substituting "six times
Executive's Base Salary" for "four times Executive's Base Salary" in both the
third and seventh lines thereof.
3. In all other respects, the Agreement remains unchanged.
IN WITNESS WHEREOF, GTECH Holdings Corporation and GTECH Corporation have caused
this First Amendment to be executed by their respective duly authorized officers
or directors, and Xxxxxxx X. X'Xxxxxx has executed this First Amendment, all as
of the day and year first written above.
GTECH Holdings Corporation Attest
by______________________ by____________________
Name: Name:
Title: Title:
103
2
GTECH Corporation Attest
by______________________ by____________________
Name: Name:
Title: Title:
Witness
------------------------ ----------------------
Xxxxxxx X. X'Xxxxxx
104
